UGE International Ltd. to announce a brokered "best efforts" private placement of green bonds (the "Green Bonds"), for gross proceeds of up to $3,000,000 (or Canadian dollar equivalent) (the "Offering"). The Offering will be led by Canaccord Genuity Corp., on behalf of a syndicate of agents. The Green Bonds will be denominated in US dollars and Canadian dollars and will be issued, at the subscriber's discretion, at a price of either $977.50 per $1,000 principal amount, or CAD 977.50 per CAD 1000 principal amount.

The Green Bonds will have a term of four years, and bear interest at a rate of 9% per annum, payable semi-annually in US dollars or Canadian dollars, as applicable, in arrears commencing December 31, 2023. The Green Bonds will be secured against a pool of the Company's solar and energy storage development projects (the "Secured Projects") by a pledge to each subscriber of Green Bonds (a "Subscriber") of the equity interests in the Secured Projects. UGE will covenant with Subscribers to maintain a minimum coverage ratio of the value of the Secured Projects equal to 150% of the aggregate amount of obligations outstanding under the Green Bonds.

Net proceeds from the Offering (the "Proceeds") will be utilized for the development of solar and energy storage projects of UGE and its subsidiaries. Computershare Trust Company of Canada ("Computershare") will act as the trustee for the Green Bonds. The Green Bonds will be subject to a four month hold period from their date of issuance.

The Company intends to seek to list the Green Bonds for trading on the TSX Venture Exchange (the "Exchange") after the four month hold period expires, on a best efforts basis. Closing of the Offering is subject to the approval of the Exchange.