SolarBank Corporation Announces Closing of up to US$19 Million Equity Financing

TORONTO, March 24, 2025 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company"), today announced it has closed its previously announced registered direct offering with a single institutional investor. The investor — a multi-billion dollar global investment fund backed by a bulge bracket investment bank and that has a large portfolio of energy investments — purchased 2,394,367 common shares and warrants to purchase up to 2,394,367 common shares at a combined purchase price of US$3.55 per common share and accompanying warrant for aggregate gross proceeds of approximately US$8.5 million before deducting fees and other estimated offering expenses (the "Offering"). The warrants are exercisable immediately at an exercise price of US$4.45 per share and will expire five years from the date of issuance. Approximately $8.5 million was funded in full upon the closing of the Offering, and up to an additional $10.65 million may be funded upon full cash exercise of the warrants.  No assurance can be given that any of the warrants will be exercised.

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