December 06, 2017 14:02 ET
VANCOUVER, BC--(Marketwired - December 06, 2017) - Solar Alliance Energy Inc. ('Solar Alliance') or (the 'Company') (TSX VENTURE: SAN) (OTC: SAENF) wishes to announce the record and effective date of a statutory plan of arrangement among the Company, its securityholders, Concord Green Energy Inc. ("Green Energy"), 1134370 B.C. Ltd. ("New Solar"), Finavera Solar Holdings, Inc., Finavera Renewables (Ireland) Limited, Wildmare Wind Energy Limited Partnership and Bullmoose Wind Energy Limited Partnership (the "Arrangement"). The Arrangement involves the sale of certain wind project assets to Green Energy for $1,400,000. As previously announced, the Company received shareholder approval for the Arrangement at the annual and special meeting of its shareholders held on December 4, 2017. Pursuant to the Arrangement, common shares, options, warrants and rights convertible into shares of the Company (collectively the "Securities") held by securityholders (the "Securityholders") will be cancelled and exchanged for equivalent securities of New Solar (the "New Solar Securities").
The final court order with respect to the Arrangement was granted by the Supreme Court of British Columbia on December 6, 2017.
In furtherance of the Arrangement, the record date for the distribution of the New Solar Securities is hereby declared for December 13, 2017. Accordingly, there will be a halt of trading of the Company's shares before market open of December 12, 2017. New Solar will then proceed with a distribution of its securities to the Securityholders of record as of the close of business on December 13, 2017 in the same number as their holdings of Securities in the Company. As part of this distribution, the Securities of the Company held by the Securityholders will be deemed to be irrevocably transferred by the holder thereof, without any act or formality on its part, to, and acquired by, New Solar. The existing share certificates for the Company will be cancelled.
The effective date and time of the Arrangement will be Thursday, December 14, 2017 at 12:01 am. The full details of the Arrangement are set forth in the Company's information circular which was filed on SEDAR on November 14, 2017.
On behalf of the Board of Directors
Chair and CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
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."