SolarBank Corporation Announces Renewal of Equity Program to Enhance Growth Potential

SolarBank Corporation Announces Renewal of Its At-The-Market Equity Program



Introduction
SolarBank Corporation, based in Toronto and listed on Nasdaq under the ticker SUUN, has recently made a significant announcement regarding its financing strategy. The company is set to renew its at-the-market equity program, allowing for enhanced flexibility in capital raising to support its operations and growth objectives. This renewal comes after the expiration of its previous short form base shelf prospectus, and it reflects SolarBank's dedication to advancing its position in the renewable energy market.

Details of the New Program
Following the filing of its new short form base shelf prospectus, SolarBank has entered into a distribution agreement with prominent financial firms, including H.C. Wainwright & Co., LLC and Research Capital Corporation. This agreement allows SolarBank to issue common shares with a total value of up to $15 million. While the company has the option to sell these shares at its discretion, it does not guarantee that any shares will be sold at all. The actual timing and volume of sales will depend on various market factors that the company will assess continuously.

Use of Proceeds
The funds raised from this program are intended to support several corporate objectives. Primarily, the proceeds will bolster SolarBank's ongoing operations, addressing working capital requirements, repaying existing debts, and facilitating discretionary capital projects. Additionally, the company may use these funds for potential acquisitions that align with its strategic vision of expanding its renewable energy portfolio.

Distribution Process
Shares will be offered through the agents mentioned in the distribution agreement under the regulations defined by the Canadian and U.S. securities authorities. The shares sold through this program will be priced based on the prevailing market rates at the time of sale, which might result in price variances among purchasers.
SolarBank expects that this program will contribute positively to its growth trajectory, recognizing the importance of flexibility in financing amidst the rapidly evolving renewable energy landscape.

Company Background
Founded with a mission to advance clean energy, SolarBank is a developer and owner of solar and battery storage projects across Canada and the USA. The company has developed projects totaling over 100 megawatts and has a robust pipeline of over one gigawatt. SolarBank aims to maximize returns through diverse projects and has established strong relationships with utilities and other stakeholders.

Future Outlook
As SolarBank progresses with the renewal of its at-the-market equity program, it acknowledges the inherent uncertainties associated with forward-looking statements regarding its business and market conditions. The company reassures potential investors by providing further details through its public filings, confirming its commitment to transparency and sound corporate governance.

Conclusion
The renewal of SolarBank's at-the-market equity program positions the company for growth in the renewable energy sector. This strategic move not only underscores its dedication to driving sustainable energy solutions but also enhances its capacity to innovate and respond to market opportunities. For more information about SolarBank Corporation and its initiatives in the renewable energy space, visit their official website.

Topics Consumer Products & Retail)

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