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Parent Of Retail Supplier Terminates Arrangement Agreement

November 13, 2017

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

ONEnergy Inc., OZZ Electric Inc. (OZZ), and OZZ Clean Energy Inc. (OCE) have mutually terminated the arrangement agreement announced on August 21, 2017.

See details on the prior arrangement agreement here

ONEnergy Inc. is the parent of retail supplier Sunwave Gas & Power

The Arrangement Agreement was contingent on completing several conditions precedent, including the completion of a proposed minimum financing of $23,000,000 (Minimum Financing) to finance the combined entity. Several conditions precedent were not completed, including the Minimum Financing which could not be completed on favorable terms acceptable to the parties, and as a result the Arrangement Agreement was mutually terminated, ONEnergy said

Trading in the common shares of ONEnergy were halted on December 21, 2016 on the announcement of ONEnergy’s intent to enter into a transaction with OZZ (see details here). The shares are expected to resume trading as soon as disclosure and other regulatory requirements can be completed to the satisfaction of the TSX Venture Exchange.

"ONEnergy remains committed to delivering new value to shareholders of the Company and is currently evaluating opportunities both inside and outside of the energy management space and will update shareholders when the Company has completed this evaluation," ONEnergy said

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