Solar Alliance Energy Inc said Dec. 13 will be the record date for the distribution of securities of 1134370 B.C. Ltd., or New Solar.
The New Solar securities will replace Solar Alliance's common shares, options, warrants and rights convertible into Solar Alliance shares, under an arrangement reached with Concord Green Energy and Solar Alliance affiliates.
There will be a halt to the trading of Solar Alliance's shares under the ticker SAN before market open Dec. 12 on the Toronto Stock Exchange Venture Market. New Solar will then proceed with a distribution of its securities to the security holders of record as of the close of business Dec. 13, in the same number as their holdings in Solar Alliance.
The effective date of the arrangement of securities is set to be Dec. 14. Solar Alliance shareholders on Dec. 4 approved the arrangement, which is related to the sale of wind projects to Concord Green Energy for C$1.4 million.