/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, June 6, 2017 /CNW/ - UGE International Ltd.
(TSX-V: UGE) (the "Company" or "UGE"), a leader in
renewable energy solutions for the commercial and industrial
sector, is pleased to announce that it has entered into an
agreement with a syndicate of Underwriters led by Canaccord Genuity
Corp. (collectively, the "Underwriters") pursuant to which
the Underwriters have agreed to purchase 3,000,000 units (the
"Units") from the Company at a price of $0.60 per Unit on a bought deal private placement
basis for aggregate gross proceeds of $1,800,000 (the "Offering").
Each Unit will consist of one common share of UGE (a "Common
Share") and one-half of one warrant to purchase Common Shares
(each whole warrant, a "Warrant"). Each Warrant will entitle
the holder to purchase one Common Share of the Company at a price
of $0.80 for a period of 24 months
following the closing of the Offering.
The Company has also granted the Underwriters an option to
purchase up to an additional 450,000 Units, for aggregate gross
proceeds of up to an additional $270,000 to cover over-allotments, exercisable in
whole or in part at any time until 48 hours prior to the Closing
Date (as defined below).
The gross proceeds from the sale of the Units will be used for
expansion plans concerning the Company's business and for general
corporate and working capital purposes.
The Common Shares and Warrants issuable pursuant to the Offering
will be subject to a statutory hold period lasting four months and
one day following the Closing Date (as defined below).
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States or
to U.S. Persons (as defined under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
The closing of the Offering is expected to occur on or
about June 27, 2017 (the "Closing Date"). The
Offering is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory and stock
exchange approvals, including the approval of the TSX Venture
Exchange.
About UGE
UGE delivers immediate savings to businesses through cleaner
electricity. We help commercial and industrial clients become more
competitive through the low cost of distributed renewable energy.
With over 330 MW of experience globally, we work daily to power a
more sustainable world.
Visit us at www.ugei.com.
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.
Statements made in this press release include forward-looking
statements that involve a number of risks and uncertainties. These
statements relate to future events or future performance, including
the closing of the Offering, and reflect management's current
expectations and assumptions. A number of factors could cause
actual events, performance or results to differ materially from the
events, performance and results discussed in the forward-looking
statements, such as the economy, generally, competition in its
target markets, the demand for UGE's products and Common Shares.
These forward-looking statements are made as of the date hereof and
UGE does not assume any obligation to update or revise them to
reflect new events or circumstances. Actual events or results could
differ materially from UGE's expectations and projections.
SOURCE UGE International Ltd.
