Solar Alliance announces shares for debt transaction

TORONTO and KNOXVILLE, Tenn., March 01, 2024 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR), a leading solar energy solutions provider focused on the commercial and industrial solar sector, announces that it intends to settle a total of $165,000 (the “Debt”) of accrued liabilities for directors' fees owed to certain current directors of the Company (the “Debt Settlement”). The Debt began accruing in 2021.

The Company expects to settle the Debt by issuing a total of 3,000,000 common shares of the Company (the “Shares”) at a price of $0.055 per Share to these individuals.

The board of directors and management of the Company believe that the proposed shares for debt transaction is in the best interests of the Company as it allows the Company to preserve its funds for operations and continued growth opportunities.

As the directors are insiders of the Company, the issuance of the Shares in connection with the Debt Settlement will be considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (“MI 61-101”). The Company is relying on the exemption from the requirement for a formal valuation and minority shareholder approval under MI 61-101 on the basis of the exemptions contained in section 5.5(1)(a) and section 5.7(1)(a) of MI 61-101, as the fair market value of the consideration of the Shares to be issued to the directors in connection with the Debt Settlement is not expected to exceed 25% of the Company’s market capitalization.

The Debt Settlement is subject to TSX Venture Exchange approval.

The Shares will be subject to a statutory four-month hold period from the date of issuance.

Myke Clark, CEO

For more information:

Investor Relations Myke Clark, CEO 416-848-7744 [e-mail]

About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The Company currently owns two operating solar projects in New York and actively pursuing opportunities to grow its ownership pipeline. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.