UGE Announces Extension of Maturity Date Debentures

Rhea-AI Summary

UGE International Ltd. extends maturity date on CDN $1,446,000 of convertible debentures to October 31, 2025. Holders of extended debentures will receive interest at a rate of 7% per annum. Remaining debentures of CDN $544,000 are being repaid. The exercise price of underwriter warrants issued on August 24, 2023 is $1.35.

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.

ABOUT UGE

UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.

Contact Information

Visit us at www.ugei.com. For more information, contact UGE at: investors@ugei.com or +1 917 720 5685.

Nick Blitterswyk
Chief Executive Officer
1 (917) 720-5683
nick.blitterswyk@ugei.com

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186310

FAQ

What is the ticker symbol of UGE International Ltd.?

The ticker symbol of UGE International Ltd. is UGE.

What is the maturity date of the extended debentures?

The maturity date of the extended debentures is October 31, 2025.

What is the interest rate for the extended debentures?

The interest rate for the extended debentures is 7% per annum.

What is the total principal amount of the debentures being repaid?

The total principal amount of the debentures being repaid is CDN $544,000.

What is the exercise price of the underwriter warrants?

The exercise price of the underwriter warrants is $1.35.