SAN DIEGO, March 13, 2015 /PRNewswire/ -- OneRoof Energy, Inc. ("OneRoof" or the "Company"), a residential solar services provider and wholly owned subsidiary of OneRoof Energy Group, Inc. ("OneRoof Energy") (TSXV: ON) today announced that it has entered into a financing agreement to provide up to approximately US$2.0 million in financing to the Company. This financing is being provided by Spindrift Equities, LLC ("Spindrift"), which is an existing investor in OneRoof Energy. The US$2.0 million represents a portion of the US$15.0 million of capital previously announced on November 24, 2014 from Black Coral Capital, LLC and other investors in the form of secured convertible promissory notes.
Specifically, OneRoof has received a firm commitment from Spindrift to complete a private placement of a US$2.0 million principal amount convertible secured note of OneRoof Energy for aggregate proceeds of US$2 million to OneRoof Energy. The terms of the Note permit Spindrift to convert up to US$400,000 of the principal amount outstanding from time to time into common shares of OneRoof Energy at a price of CDN$0.135 per common share. The Note matures on April 15, 2015 and will earn interest at a rate of 10 percent per annum. The Note is secured on the Company's assets under an Amended and Restated Security and Pledge Agreement.
The proceeds from this private placement will be used for repayment of existing debt and related interest, as well as general working capital purposes, including general and administrative, IT development and investment in solar projects.
About OneRoof Energy
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfillment platform, OneRoof is partnering with traditional energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, OneRoof serves residential customers in seven states including Arizona, California, Hawaii, Massachusetts, New Jersey, Connecticut and New York with plans for additional expansion. For more information, visit www.oneroofenergy.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this document, are "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
Investor Relations Contacts:
Executive Vice President & CFO
OneRoof Energy Group, Inc.
Vice President, Investor Relations & Compliance
OneRoof Energy Group, Inc.
SOURCE OneRoof Energy, Inc.