Toronto, Ontario–(Newsfile Corp. – December 22, 2023) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in the commercial and community solar sector, is pleased to announce a private placement of 9% secured debentures of the Company (“Green Bonds“), to US subscribers, for aggregate gross proceeds of US $518,700 (the “Private Placement“).
The Green Bonds are denominated in US$ and issued at a price of US$950 per US$1,000 principal amount. The Green Bonds mature on December 31, 2028, and bear interest at a rate of 9% per annum, payable semi-annual in arrears in US$ dollars commencing June 30, 2024. The Green Bonds are secured against a pool of the Company’s projects that have reached UGE’s stage 3.1 or higher, as determined by the Company by a pledge (the “Pledged Projects“) to each subscriber of Green Bonds (a “Subscriber“) of the equity interests in the Pledged Projects. UGE has covenanted with…
