The acquisition represents the completion of the corporation’s arms-length qualifying transaction pursuant to the policies of the TSX Venture Exchange.
Upon issuance by the exchange of the final exchange bulletin approving the transaction, the corporation will be a Tier-2 issuer whose shares will be listed for trading on the exchange.
Schneider Power’s strategy focuses on growth areas in distributed renewable power generation, CO2 reduction and energy conservation. Schneider Power has in North America 1.6MW of wind power capacity in operation, 36.5MW of advanced-stage wind power projects, 26.5MW of which with long-term power purchase agreements, and 150MW of bid-ready or tender-ready wind and solar power projects.
In addition, Schneider Power has in excess of 1,000MW of pipeline wind and solar projects. Schneider Power has one operating wind farm, the Providence Bay wind farm, with 1.6MW of power generation capacity.
Concurrent to the completion of the qualifying transaction, Schneider Power has completed an offering of 5.38 million units at a price of $0.50 per unit. Each unit consists of one offering share and one-half warrant.
Each whole warrant entitles the holder thereof to purchase one common share of the resulting issuer at a price of $0.60 at any time within two years following the completion of the qualifying transaction.
