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.
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This press release contains forward-looking information that involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such assumptions, risks and uncertainties include, without limitation, those associated with, loss of markets, expected sales, future revenue recognition, currency fluctuations, the effect of global and regional economic conditions, industry conditions, changes in laws and regulations, and changes in how they are interpreted and enforced, the lack of qualified personnel or management, fluctuations in foreign exchange or interest rates, demand for the Company's products, and availability of funding. The Company's performance could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if they do so, what benefits the Company will derive there from. The forward-looking information is made as of the date of this press release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Actual events or results could differ materially from the Company's expectations and projections.