UGE International Ltd. announced a private placement of 9% secured debentures of the Company (Green Bonds), to US subscribers, for aggregate gross proceeds of USD 518,700. The Green Bonds are denominated in USD and issued at a price of USD 950 per USD 1,000 principal amount. The Green Bonds mature on December 31, 2028, and bear interest at a rate of 9% per annum, payable semi-annual in arrears in USD dollars commencing June 30, 2024.

The Green Bonds are secured against a pool of the Company's projects that have reached UGE's stage 3.1 or higher, as determined by the Company by a pledge (the "Pledged Projects") to each subscriber of Green Bonds (a "Subscriber") of the equity interests in the Pledged Projects. UGE has covenanted with Subscribers to maintain a minimum coverage ratio of the value of the Pledged Projects equal to 150% of the aggregate amount of obligations outstanding under the Green Bonds. Net proceeds from the Private Placement will be utilized for the development of solar and energy storage projects of UGE and its subsidiaries.

Computershare Trust Company of Canada (Computershare) will act as the trustee for the Green Bonds. As compensation in connection with the Private Placement, the Company paid, in respect of certain subscribers under the Private Placement, to authorized placements Agents (collectively, the "Brokers") on the closing date of the Private Placement a cash commission equal to USD 24,073, and 17,963 warrants of the Company, represented by one or more certificates, each Broker Warrant being exercisable for a period of 24 months to acquire one Common share of the Company at an exercise price of CAD 0.94.