San Diego | March 13, 2015 — OneRoof Energy, Inc. announced that it has entered into a financing agreement to provide up to approximately US$2.0 million in financing to the Company.

This financing is being provided by Spindrift Equities, LLC, which is an existing investor in OneRoof Energy.

The US$2.0 million represents a portion of the US$15.0 million of capital previously announced on November 24, 2014 from Black Coral Capital, LLC and other investors in the form of secured convertible promissory notes.

Specifically, OneRoof has received a firm commitment from Spindrift to complete a private placement of a US$2.0 million principal amount convertible secured note of OneRoof Energy for aggregate proceeds of US$2 million to OneRoof Energy.

The terms of the Note permit Spindrift to convert up to US$400,000 of the principal amount outstanding from time to time into common shares of OneRoof Energy at a price of CDN$0.135 per common share. The Note matures on April 15, 2015 and will earn interest at a rate of 10 percent per annum. The Note is secured on the Company’s assets under an Amended and Restated Security and Pledge Agreement.

The proceeds from this private placement will be used for repayment of existing debt and related interest, as well as general working capital purposes, including general and administrative, IT development and investment in solar projects.

Derick Lila
Derick is a Clark University graduate—and Fulbright alumni with a Master's Degree in Environmental Science, and Policy. He has 8+ years of solar industry research, marketing, and content strategy experience.

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