Solar Alliance Energy Inc. entered into best efforts private placement of up to 25,000,000 units at a price of CAD 0.08 per Unit for aggregate gross proceeds of up to CAD 2,000,000 on July 20, 2023. Each Unit consists of one common share and one warrant. Each Warrant shall entitle the holder thereof to purchase one share at an exercise price of CAD 0.12 per Warrant Share for a period of 36 months from closing date.

The Offering is anticipated to close on or about August 28, 2023. Closing of the Offering is subject to certain conditions including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will be subject to a hold period of four months and one day from Closing Date under applicable Canadian securities laws.