SAN DIEGO — OneRoof Energy has agreed to a financing in the aggregate principal amount of USD$1,000,000 consisting of secured convertible notes issuable to Spindrift Equities LLC (“Spindrift”) under the same terms and conditions as the Company’s outstanding subordinated convertible notes (the “Convertible Note Offering”).
Each note issuable under the Convertible Note Offering is convertible into common shares of OneRoof Energy (the “Common Shares”) at the option of the holder at a conversion price of CDN$0.055 for the first year after the closing and at a conversion price of CDN$0.10 per Common Share for the remainder of the term of the notes issued thereunder. The notes will be secured by the assets of the Company that are not otherwise pledged Sunder project financings (the “Available Assets”). The Available Assets are already pledged as security under the Company’s senior credit agreements, as well as the agreements governing the Company’s subordinated convertible notes.
The Company also announced that it will amend the conversion price of a certain convertible notes previously issued by the Company to Spindrift in the principal amount of USD$3,155,551 from CDN$0.095 to CDN$0.055.
The proceeds from this financing will be used for general working capital purposes, including general and administrative, IT development and investment in solar projects. All securities issued pursuant to the private placement are subject to a statutory hold period of four months pursuant to Canadian securities laws, as well as any statutory hold periods mandated by relevant U.S. securities laws.
The completion of the transactions described in this news release remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About OneRoof Energy
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfillment platform, OneRoof is partnering with traditional energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs.