Three Sixty Solar Announces Private Placement Closing of First Tranche

Rhea-AI Summary

Three Sixty Solar announced the closing of the first tranche of a private placement offering Units at $0.15 per Unit. Each Unit includes a common share and a Share purchase warrant, with up to 3,333,334 Units being sold for gross proceeds of approximately $500,000. The Company plans to use the proceeds for an investor awareness campaign, liabilities payment, and general working capital. The securities offered are not registered under the U.S. Securities Act of 1933. The Private Placement is awaiting final approval from the Cboe Canada Inc. stock exchange.

Positive

• The successful closing of the Private Placement indicates investor interest and potential growth for Three Sixty Solar

• The funds raised through the Private Placement will support the Company's investor awareness campaign, liabilities payment, and general working capital needs.

Negative

• The securities offered in the Private Placement are not registered under the U.S. Securities Act of 1933, which may limit potential investment from U.S. persons.

• The Private Placement is subject to final approval from the Cboe Canada Inc. stock exchange, which may pose a risk if not granted.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, April 30, 2024 (GLOBE NEWSWIRE) -- Three Sixty Solar Ltd. (Cboe CA: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”) is pleased to announce it has closed the first tranche of a private placement (the “Private Placement”) of units of the Company (the “Units”) at a price of $0.15 per Unit. Each Unit consists of one common share in the capital of the Company (a “Share”) and one half of one Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Share (a “Warrant Share”) at a price of $0.50 per Warrant Share for a period of 24 months from the date of issuance. The total size of the Private Placement is up to the sale of 3,333,334 Units for aggregate gross proceeds of up to approximately $500,000.

All securities issued in connection with the first tranche of the Private Placement are subject to a statutory hold period in accordance with applicable securities legislation. The Company will use the proceeds from the sale of the Units for an investor awareness campaign, payment of outstanding liabilities and for general working capital.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

All references to currency in this news release are to Canadian currency. The Private Placement remains subject to final approval of the Cboe Canada Inc. stock exchange.

On Behalf of the Board of Directors,

--Brian Roth--

Brian Roth
Chief Executive Officer & Director
Three Sixty Solar Ltd.
www.threesixtysolar.com

About Three Sixty Solar Ltd. (NEO: VSOL)

Three Sixty Solar Ltd. is an all-Canadian enterprise which focuses on solar equipment supply to the global market. The company’s premier product line is the patent pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296 billion by 2028. Three Sixty Solar’s unique tower concept is a high density, clean energy solution that uses up to 90% less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture, and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multi-tower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact. To find our more, visit: www.threesixtysolar.com and please watch our video. To stay informed, please sign up to receive news alerts and follow us on Instagram (@threesixtysolar.vsol), Twitter (@ThreeSixtySolar), and Facebook (@threesixtysolar.vsol).

CONTACT INFORMATION

Three Sixty Solar Ltd.

Investor Relations
Email: investors@threesixtysolar.com
Telephone: +1 (778) 383-6743

Sales & Inquiries
Email: info@threesixtysolar.com
Telephone: +1 (877) 684-1972

Cautionary Statement Regarding “Forward-Looking” Information

This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements related to the Private Placement and the use of proceeds for the Private Placement.

Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Three Sixty’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

FAQ

What did Three Sixty Solar announce?

Three Sixty Solar announced the closing of the first tranche of a private placement offering Units at $0.15 per Unit.

What is included in each Unit in the Private Placement?

Each Unit includes one common share and one Share purchase warrant.

What is the total size of the Private Placement?

The Private Placement consists of up to 3,333,334 Units for gross proceeds of approximately $500,000.

How will the Company use the proceeds from the sale of the Units?

The Company plans to use the proceeds for an investor awareness campaign, payment of outstanding liabilities, and general working capital.

Are the securities offered in the Private Placement registered under the U.S. Securities Act of 1933?

No, the securities offered are not registered under the U.S. Securities Act of 1933.