SolarBank Corporation Announces up to US$19 Million Equity Financing

Core Viewpoint - SolarBank Corporation has entered into a definitive agreement for a registered direct offering, aiming to raise approximately US$8.5 million through the sale of common shares and warrants, with potential additional funding from warrant exercises [1][2]. Group 1: Offering Details - The offering includes 2,394,367 common shares and warrants at a combined purchase price of US$3.55 per share and warrant, with warrants exercisable at US$4.45 per share for five years [1]. - The total gross proceeds from the offering are expected to be around US$8.5 million before fees and expenses, with an additional potential of US$10.65 million from the exercise of warrants [1][2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to advance independent power producer assets, including battery energy storage system projects and a community solar project in New York, as well as for working capital and general corporate purposes [2]. Group 3: Regulatory and Filing Information - The offering is being conducted under the Company's short form base shelf prospectus and corresponding registration statement filed with the U.S. SEC and Canadian securities regulatory authorities [3]. - A prospectus supplement will be filed on a non-offering basis with applicable securities regulatory authorities in Canada and with the SEC [3]. Group 4: Company Overview - SolarBank Corporation is focused on developing and owning renewable and clean energy projects, particularly in distributed and community solar sectors in Canada and the USA [6]. - The company has a development pipeline exceeding one gigawatt and has completed renewable energy projects with a total capacity of over 100 megawatts [6].