SolarBank Corporation announced on March 24, 2025, the closing of its registered direct offering with a single institutional investor, generating approximately US$8.5 million in gross proceeds. The investor, a multi-billion dollar global investment fund, purchased 2,394,367 common shares and warrants to purchase an equal number of common shares.
The combined purchase price for each common share and accompanying warrant was US$3.55. The warrants are immediately exercisable at US$4.45 per share and will expire five years from the date of issuance, potentially providing an additional US$10.65 million upon full cash exercise.
SolarBank intends to use the net proceeds from this offering to advance its independent power producer assets, including battery energy storage system (BESS) projects and a community solar project in New York. The funds will also be allocated for working capital and other general corporate purposes, supporting the company's growth strategy.
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