July 16, 2024
SolarBank Corporation (“SolarBank” or the “Company”) announced on July 8, 2024 that it has closed its acquisition of Solar Flow-Through Funds Ltd. (“SFF”) to acquire all of the issued and outstanding common shares of SFF through a plan of arrangement for an aggregate consideration of up to $41.8 million in an all stock deal (the “Transaction”). The Transaction values SFF at up to $45 million but the consideration payable excludes the common shares of SFF currently held by SolarBank.
All SolarBank Shares issued in the Transaction, including SolarBank Shares issued on conversion of the CVRs or SFF Tracking Shares, if any, are subject to transfer restrictions pursuant to a release schedule as set forth in the table below:
| Release Date | Percentage |
|---|---|
| Closing | 0% |
| 6 Months from Closing | 5% |
| 12 Months from Closing | 5% |
| 18 Months from Closing | 5% |
| 24 Months from Closing | 5% |
| 27 Months from Closing | 20% |
| 30 Months from Closing | 20% |
| 33 Months from Closing | 20% |
| 36 Months from Closing | 20% |
For more information, read SolarBank’s full news release here.
