Toronto, Ontario–(Newsfile Corp. - December 7, 2018) - UGE International Ltd. (TSXV: UGE) (the “Company” or “UGE”), a leader in renewable energy solutions for the commercial and industrial sector, is pleased to announce it has received final approval for the final tranche of the debt conversion transactions originally announced on October 3, 2018. The transactions strengthen UGE’s financial position by decreasing its debt by $5.25 million. All amounts are expressed in US dollars, unless otherwise noted.
This remaining debt conversion resulted in a decrease of $2,689,848 in exchange for 13,901,026 shares in UGE at a deemed conversion price of CAD$0.25 per share.
Additional Debt Conversions
In addition, the Company entered into agreements with four creditors totalling CAD$29,500 to convert specific balances owed to shares at today’s closing share price of $0.10 per share.
Stock Options Awards
As in the normal course of business, certain officers and directors of UGE have been granted a sum of 1,270,002 option awards with a strike price of $0.13.