Mr. Nick Blitterswyk reports

UGE INTERNATIONAL ANNOUNCES DATES FOR Q1 2023 FINANCIAL RESULTS, AGM AND WEBINARS

UGE International Ltd. plans to release its first quarter 2023 financial statements after market close on Wednesday, May 24, 2023. UGE International's chief executive officer Nick Blitterswyk and chief financial officer Stephanie Bird will host a live webinar on Thursday, May 25, 2023, at 11 a.m. ET, to review the results and recent company updates and answer investor questions following the presentation. Investors can register to attend the webinar.

Annual general meeting details

UGE International also announces that it will host its annual general meeting (AGM) on Thursday, June 29, 2023, at 11 a.m. ET. Investors can register to attend the AGM.

UGE International closes second green bond tranche

UGE International has completed a second tranche closing of its brokered private placement of green bonds of the company, previously announced in its March 30, 2023, press release, with additional gross proceeds of $280,542.50 for total gross proceeds of $1,705,087.50. The offering comprised a brokered best effort private placement led by Canaccord Genuity Corp., on behalf of a syndicate of agents, including IA Private Wealth Inc. and Raymond James Ltd., in accordance with the terms and conditions of an agency agreement entered into on March 30, 2023, by the company and the agents.

The green bonds were issued in a Canadian-dollar-denominated series, each having a face value of $1,000 and a subscription price of $977.50, mature on June 30, 2027, and bear interest at a rate of 9 per cent per annum, payable semi-annually in arrears calculated on the last calendar day of June and December, with the first interest payment to be made on Dec. 31, 2023. Other than for their issuance date, the green bonds issued in this second tranche closing have the same terms as those described in the company's press release of March 30, 2023, announcing the first tranche closing.

Net proceeds from the offering will be utilized for the development of solar and energy storage projects of UGE International and its subsidiaries. The green bonds will be subject to a four-month hold period from their date of issuance.

In consideration for the agents' services under the agency agreement, the company paid to the agents a fee equal to 7 per cent of the principal amount issued from the sale of the green bonds and 6,533 common share purchase warrants of the company, with each agent's warrant entitling the holder thereof to purchase one common share at an exercise price of $1.5031 (subject to adjustment in certain circumstances) for a period of 24 months from the closing date. The company also reimbursed the agents on the closing date for their reasonable expenses in connection with the offering. The total number of agent warrants issued for this offering was 31,047.

About UGE International Ltd.

UGE International develops, owns and operates commercial and community solar projects in the United States and strategic markets abroad. Its distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500 megawatts of global experience, it works daily to power a more sustainable world.

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