OneRoof Energy Group, Inc. closes financing agreement

OneRoof Energy, Inc., a residential solar services provider and wholly owned subsidiary of OneRoof Energy Group, Inc. today announced that it has closed the financing agreement with Spindrift Equities, LLC, one of OneRoof Energy’s existing investors. As announced on March 13, 2015, the US$2.0 million represents a portion of the US$15.0 million of capital previously announced on November 24, 2014 from Black Coral Capital, LLC and other investors in the form of secured convertible promissory notes.

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Specifically, the Company completed a private placement of a US$2.0 million principal amount convertible secured note of OneRoof Energy for aggregate proceeds of US$2.0 million. The terms of the Note permit Spindrift to convert up to US$400,000 of the principal amount outstanding from time to time into common shares of OneRoof Energy at a price of CDN$0.135 per common share. The Note will mature on April 15, 2015 and will earn interest at a rate of 10 percent per annum. The Note is secured on the Company's assets under an Amended and Restated Security and Pledge Agreement.

The proceeds from this private placement will be used for repayment of existing debt and related interest, as well as general working capital purposes, including general and administrative, IT development and investment in solar projects.