TORONTO and KNOXVILLE, Tenn., April 17, 2020 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SOLR) announces it has reached agreement (“Debt Settlement Agreement”) with certain senior management to fully settle an aggregate of up to $54,999 of unpaid fees for shares in the Company. Pursuant to the Debt Settlement Agreement, the Company would issue up to 1,099,980 common shares of the Company at a deemed price of $0.05 per share to Clark Public Affairs Ltd. (a company controlled by CEO Michael Clark).
The Company also reports that the Board of Directors has granted stock options of a total of 2,900,000 common shares to certain Directors and Officer, exercisable for up to five years at a price of C$0.05 per share. The options granted will be subject applicable regulatory hold periods.
The Debt Settlement Agreement is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
| For more information: |
| Solar Alliance Myke Clark, CEO 416-848-7744 mclark@solaralliance.com |
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”