UGE Announces Final Approval of Debt Conversion, Options Awards
Conversion Represents the Completion of Transactions resulting in $5.25 million Decrease in Liabilities
Toronto, Ontario--(Newsfile Corp. - December 7, 2018) - UGE International Ltd. (TSXV: UGE) (the "Company" or "UGE"), a leader in renewable energy solutions for the commercial and industrial sector, is pleased to announce it has received final approval for the final tranche of the debt conversion transactions originally announced on October 3, 2018. The transactions strengthen UGE's financial position by decreasing its debt by $5.25 million. All amounts are expressed in US dollars, unless otherwise noted.
This remaining debt conversion resulted in a decrease of $2,689,848 in exchange for 13,901,026 shares in UGE at a deemed conversion price of CAD$0.25 per share.
Additional Debt Conversions
In addition, the Company entered into agreements with four creditors totalling CAD$29,500 to convert specific balances owed to shares at today's closing share price of $0.10 per share.
Stock Options Awards
As in the normal course of business, certain officers and directors of UGE have been granted a sum of 1,270,002 option awards with a strike price of $0.13.
About UGE International Ltd.
UGE delivers immediate savings to businesses through its low cost solar energy solutions. UGE helps commercial and industrial clients become more competitive by providing distributed renewable energy solutions at no upfront cost, thus generating long-term economic and environmental returns. With over 375 MW of global experience and over 630 projects completed, UGE works daily to power a more sustainable world. Visit us at www.ugei.com.
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing distributed renewable energy solutions at no upfront cost, generating long-term economic and environmental returns. With over 370 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact:
The full news article is available here.