OneRoof Energy announces financing agreements

SAN DIEGO, USA: OneRoof Energy Group Inc. has entered into a series of financing agreements to provide up to approximately $16.7 million in additional financing.

This financing is being provided by Black Coral Capital LLC and affiliates of the Hanwha Group, which are existing investors in OneRoof Energy Group.

Of the approximately $16.7 million of financing, approximately $6.5 million will be provided in the form of a working capital line of credit. To date, US$4.4 million of the $6.5 million working capital credit has already been funded.
This facility bears interest at 12 percent per annum and matures on December 31, 2014. The facility is secured by the assets of OneRoof Energy Inc., OneRoof Energy Group's wholly owned subsidiary, not otherwise pledged pursuant to other facilities.

The lenders under the working capital line of credit will be issued bonus warrants to purchase common shares of OneRoof Energy Group equal to 25 percent of the amount of the working capital line of credit funded, divided by the exercise price per share of the bonus warrants.

These bonus warrants are non-transferable and expire if not exercised on or prior to December 31, 2014, and will be issued pro rata with funding draws under the working capital line of credit.

In addition to the working capital line of credit, OneRoof Energy entered into a project line of credit with the lenders. This line of credit provides up to $6.9 million of funding that will be used by OneRoof Energy to fund its obligations under its recently announced $58 million residential solar fund.

The project line of credit bears interest at 9.25 percent per annum, matures on December 31, 2015, and is secured by OneRoof Energy's equity interest in the new residential solar fund.