Mr. Nick Blitterswyk reports

UGE ANNOUNCES BEST EFFORTS OVERNIGHT MARKETED OFFERING OF UP TO US$5 MILLION OF PROJECT DEVELOPMENT GREEN BONDS

UGE International Ltd. has arranged a best-efforts overnight marketed offering of debentures (green bonds) by way of short form prospectus, for gross proceeds of up to $5-million (U.S.) (or Canadian-dollar equivalent). The offering will be led by Canaccord Genuity Corp.

The green bonds will be denominated in U.S. dollars and will be issued, at the subscriber's discretion, at a price of $977.50 (U.S.) per $1,000 (U.S.) principal amount. The green bonds will have a term of approximately four years, maturing Sept. 30, 2027, and bear interest at a rate of 9 per cent per annum, payable semi-annually in U.S. dollars in arrears commencing March 31, 2024. The green bonds will be 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 to each subscriber of green bonds of the equity interests in the pledged projects. UGE will covenant with subscribers to maintain a minimum coverage ratio of the value of the pledged projects equal to 150 per cent of the aggregate amount of obligations outstanding under the green bonds.

Net proceeds from the offering will be utilized for the development of solar and energy storage projects of UGE and its subsidiaries. Computershare Trust Company of Canada will act as the trustee for the green bonds.

Closing of the offering is subject to the approval of the exchange.

About UGE International Ltd.

UGE develops, owns and operates commercial and community solar and battery storage projects. The company's distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500 megawatts of global experience, UGE works daily to power a more sustainable world.

We seek Safe Harbor.