Acro Energy acquires Energy Efficiency Solar, Prepares Private Placement

California Private Placement: US solar integrator Acro Energy Technologies Corp. announced the complete acquisition of California based Energy Efficiency Solar Inc under a Stock Purchase Agreement between Solar, its sole shareholder William Korthof and the company.

Acro acquired all issued and outstanding shares of Solar for cash USD250,000, a promissory note of USD740,700 and 2,216,250 of Acro’s treasury issued common shares at a deemed value of CAD0.24 per share that is subject to a four-month hold period.

Additionally, subject to TSX Venture Exchange’s approval a non-brokered private placement of approximately 1,190,000 units at CAD0.185 per unit has been arranged by Acro, for aggregate gross proceeds of approximately CAD220,800.

One Acro common share and one share purchase warrant will comprise each unit, while the holder is permitted to purchase one additional Acro share at CAD0.35 per share within two years after the private placement closes, with each warrant.

Proceeds will be used by Acro for ongoing acquisition efforts and general corporate overhead purposes.

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