UGE International Announces Closing of $7M Bought Deal Unit Offering

Source: www.gulfoilandgas.com 2/17/2021, Location: North America

UGE International Ltd., a leader in commercial and community solar energy solutions, is pleased to announce that it has closed its previously announced bought deal private placement. A total of 2,645,000 units of the Company (the "Unit") were issued at a price per Unit of $2.65 (the "Issue Price") for gross proceeds of $7,009,250 (the "Offering"). The Offering was conducted by a syndicate of underwriters led by Eight Capital and including PI Financial Corp. and Echelon Wealth Partners Inc. (collectively, the "Underwriters"). The Offering included 345,000 Units issued pursuant to the exercise in full of the over-allotment option granted to the Underwriters.

Each Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Share at a price of $3.30 per Share for a period of 24 months following the Closing Date. Following the one year anniversary of the closing, at the option of the Company, the Warrants may be subject to accelerated expiry in the event the closing price of the Company's common shares on the TSXV is $4.50 or greater for ten consecutive trading days.

In connection with the Offering, the Company paid the Underwriters a cash commission of $420,555 and issued to the Underwriters 158,700 broker warrants (the "Broker Warrants"). Each Broker Warrant entitles the Underwriters to purchase a Share at an exercise price of $2.65 until February 17, 2023.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

Concurrently with the closing of the Offering, the Company is pleased to announce that it has converted debt held by an arm's length lender, originally issued on September 24, 2018 and otherwise maturing on September 24, 2021, into Units. $750,000 in principal amount (representing all of the lender's debt), together with accrued interest and fees of $8,482, for a total amount of $758,482, has been converted into 286,220 Units.


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