2022-08-05 | TSXV:SOLR | Press release

TORONTO and KNOXVILLE, Tenn., Aug. 05, 2022 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (“Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTCQB: SAENF) announces that the board of directors of the Company (the “Plank”) today granted incentive stock options pursuant to the Company’s stock option plan to certain of its directors, officers and employees.

Options to purchase 2,425,000 common shares of the Company were granted to certain directors and officers of the Company at an exercise price of $0.09 per share. These options vest quarterly over a period of one (1) year, with the first 25% of the options vesting on November 5, 2022. The options expire on November 5, 2027. Stock options and all common shares of the Company that may be issued on the exercise of the stock options will be subject to a legal retention period of four months and one day following the date of allocation.

The Company also announces that the Board has approved an extension until the expiration date of a total of 1,300,000 stock options (the “Old options“) held by certain non-executive employees of the Company. 1,000,000 Old Options were granted on December 22, 2017, and a total of 300,000 Old Options were granted on January 26, 2018. The initial expiry date was five (5) years from the date of grant of each of the old options The expiry date of the old options will be extended by two (2) years so that the modified expiry date will be the date falling on seven (7 ) years after the initial grant date (the “Amendment”). The old options each have an exercise price of C$0.08 per old option and the exercise price of the old options will not change. The Old Options and all common shares of the Company issuable upon the exercise of the Old Options will be subject to a statutory hold period of four months and one day from the date hereof. The amendment is subject to the approval of the TSX Venture Exchange.

Myke Clark, CEO

About Solar Alliance Energy Inc. (www.solaralliance.com)

Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The company operates in Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects. Since its inception in 2003, the company has developed $1 billion in renewable energy projects that provide enough electricity to power 150,000 homes. Our passion is to improve lives through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customer vulnerability to rising energy costs, offers an environmentally friendly source of power generation, and provides affordable turnkey clean energy solutions.

The statements contained in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute forward-looking statements. The words “would”, “will”, “expect” and “estimated” or other similar words and expressions are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These factors include, but are not limited to: uncertainties relating to the ability to raise sufficient capital, changes in economic or financial market conditions, litigation, legislative or other competitive, judicial, regulatory and political developments and technological or operational difficulties. Therefore, actual results may differ materially from those described in the forward-looking statements.

“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

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