Toronto, Ontario–(Newsfile Corp. – November 3, 2023) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE“), a leader in the commercial and community solar sector, announces today that, with the consent of affected holders, it is extending the maturity date on CDN $1,446,000 of aggregate principal amount of its 6.5% convertible debentures originally due October 31, 2023 (the “Debenture“), out to October 31, 2025. In consideration for extending the maturity date, holders of the extended Debentures will now receive interest at a rate of 7% per annum (previously 6.5%). The remaining CDN $544,000 in aggregate principal amount of the Debentures were not extended by their holders, and are being repaid in accordance with their terms.
The extension of the Debentures remains subject to the final approval of the TSX Venture Exchange.
The Company also wishes to clarify that the 150,267 underwriter warrants issued on August 24, 2023 were in fact issued with an exercise price of $1.35 (previously disclosed as being $1.3392). All other terms of such underwriter warrants as previously announced on August 24, 2023 are unchanged.
UGE develops, owns, and operates community and commercial solar & battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With over 500 megawatts of project experience, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com.
Chief Executive Officer
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