Principal Solar Announces Successful Completion of Regulation A Plus Equity Offering

Rhea-AI Summary

Principal Solar (OTC Pink: PSWW) has successfully closed its Regulation A Plus equity offering, raising US$8.65 million by selling 96.6 million shares at US$0.0895 each. The offering began on November 25, 2020, and concluded on February 16, 2022. Proceeds will be used to reduce debt and invest in oil and gas leases, extraction technologies, and electric vehicle technologies. CEO K. Bryce Toussaint expressed optimism about the company's future and welcomed new investors.

Positive

• Raised US$8.65 million through a successful equity offering.
• Funds will reduce debt and invest in promising energy technologies.

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• None.

Gross Proceeds of US$8.65 Million* Raised

DALLAS, TEXAS, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Principal Solar, Inc. (OTC Pink: PSWW) (“Principal” or “the Company”), a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in undervalued petroleum-producing properties, today announced the successful, final closing of its Regulation A Plus equity offering (SEC File No. 025-11253) (the “Offering”). The Offering, which commenced on November 25, 2020, and concluded on February 16, 2022, raised gross proceeds of US$8.65 million* through the sale of 96.6 million shares* of the Company’s common stock at US$0.0895 per share.

“We view the success of our Regulation A Plus Offering as further validation of Principal’s business model and proof positive that investors see real upside potential in funding practical, near-term solutions to today’s transitional energy challenges,” said K. Bryce “Rick” Toussaint, CPA, MBA, Principal’s Chairman and CEO. “On a personal note, I’d like to extend a warm welcome to the new Principal stakeholders that participated in the Offering. We have big plans for the Company’s future, and I’m glad you’ve taken the opportunity to join us.”

The proceeds of the Offering have been used to pay down outstanding debt and expensive convertible notes as well as to invest in or acquire oil and gas leases, oil and gas extraction technologies, operating companies with existing revenues, and electric vehicle technologies.

*Numbers shown are approximate. Complete details are included in the Form 1-Z Exit Report filed with the Securities and Exchange Commission, which may be viewed here: https://www.sec.gov/Archives/edgar/data/0001587476/000168316822001059/xsl1-Z_X01/primary_doc.xml

About Principal Solar
Principal Solar is a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an acquirer and operator of undervalued petroleum-producing properties.

For further information, please visit the Company’s website at www.pswwenergy.com. 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 
The statements contained in this news release which are not historical facts may be "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe PSWW' hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond PSWWs' control, will affect actual results. PSWW undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with PSWWs' most recent financial reports and other filings posted with the OTC Markets and/or the U. S. Securities and Exchange Commission by PSWW.

Principal Solar Contact
K. Bryce “Rick” Toussaint, CPA, MBA
Chairman and Chief Executive Officer
kt@pswwenergy.com
214.885.0032

Investor Relations Contact
Michael Briola
invest@pswwenergy.com

FAQ

What was the total amount raised by Principal Solar's Regulation A Plus offering?

Principal Solar raised US$8.65 million through its Regulation A Plus offering.

When did Principal Solar's equity offering start and end?

The equity offering started on November 25, 2020, and ended on February 16, 2022.

What are the proceeds from the offering used for?

The proceeds are being used to pay down debt and invest in oil, gas leases, and electric vehicle technologies.

How many shares were sold during the offering?

A total of 96.6 million shares were sold at US$0.0895 per share.

Who is the CEO of Principal Solar?

The CEO of Principal Solar is K. Bryce Toussaint.