Solar Alliance Energy Inc. (‘Solar Alliance’) (SOLR), a leading solar energy solutions provider focused on the commercial and utility solar sectors, announces that it has cancelled the brokered private placement announced on July 20, 2023.
The Company continues to work on the Canadian solar acquisition opportunity originally announced on May 18, 2023.
“Given current market conditions, the private placement would have been excessively dilutive to current shareholders, and we have decided to reassess our funding options as we continue due diligence on the Canadian solar acquisition,” said CEO Myke Clark. “Our team has worked hard to reduce costs, increase revenues and increase margins. As a result, we have the flexibility to wait for more favourable market conditions to solidify our balance sheet. Solar Alliance remains committed to a prudent approach to growth and protecting shareholder value.”
Myke Clark, CEO