As per the terms of the LOI, CIVC will issue one common share for every BEI issued and outstanding share. This could run up to a maximum of sixty-two million common shares.

Besides building an offshore wind power project in St. George’s Bay, western Newfoundland and Labrador (NL) over the last few years, BEI has a proposal to construct a 180 MW offshore wind farm, which will be located in an area of the Gulf of St. Lawrence.

The company expects that the clean green energy generated from the 180MW wind farm will cost less than ten cents for each kilowatt-hour.

Speaking about the agreement, BEI CEO Kirby Mercer said, "This agreement will provide BEI access to the public markets and is another big step forward in our business plan. It is a win-win situation for both companies and for the west coast of the province where our facilities will create up to six hundred manufacturing and service jobs."

CIVC CEO Gerard Edwards said, "CIVC is delighted with the opportunities this deal offers. It will move CIVC into the highly profitable emerging North American green energy sector. It will balance the company’s business portfolio and provides our shareholders the opportunity to participate in this exciting multi-billion dollar North American growth industry."

The agreement, which is subject to various approvals including by the TSX-Venture Exchange, is expected to be completed on or around 1 November 2014.

 

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