Mr. Myke Clark reports

SOLAR ALLIANCE ANNOUNCES BROKERED OFFERING OF UNITS FOR UP TO $2 MILLION

Solar Alliance Energy Inc. has entered into an agreement with Research Capital Corp., as lead agent and sole bookrunner in connection with a best efforts private placement offering of up to 25 million units of the company at a price of eight cents per unit for aggregate gross proceeds of up to $2-million.

Each unit will comprise one common share of the company and one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to purchase one common share at an exercise price of 12 cents per warrant share for a period of 36 months from closing date (as defined herein).

The company will grant the agent an option, exercisable in full or in part, up to 48 hours prior to the closing of the offering, to sell up to an additional 3.75 million units at the issue price for additional gross proceeds of up to $300,000.

The net proceeds from the offering will be used for working capital and general corporate purposes.

The offering is anticipated to close on or about Aug. 28, 2023, or such other date as the company and the agent may agree. 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 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.

As consideration for its services, the agent will receive a cash commission of 6.0 per cent of the gross proceeds of the offering and compensation options in an amount equal to 6.0 per cent of the number of units sold pursuant to the offering. Each compensation option will be exercisable to purchase one unit at the issue price for a period of 36 months from the closing date. Additionally, the agent will receive an advisory commission of 2.0 per cent of the gross proceeds of the offering and advisory options in an amount equal to 2.0 per cent of the number of units sold pursuant to the offering. Each advisory option will be exercisable to purchase one unit at the issue price for a period of 36 months from the closing date. The company will also pay the agent a work fee of $40,000.

About Solar Alliance Energy Inc.

Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Its experienced team of solar professionals reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance's strategy is to build, own and operate its own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The company currently owns two operating solar projects in New York and is actively pursuing opportunities to grow its ownership pipeline. The technical and operational synergies from this combined business model support sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.

We seek Safe Harbor.