Greenbriar & Alterra Complete Acquisition
September 16, 2014
Greenbriar Capital Corp. and Alterra Power Corp. Announce Issuance of Securities to Complete Acquisition
VANCOUVER, British Columbia, September 16, 2014: Greenbriar Capital Corp. (TSX-V: GRB) ("Greenbriar") and Alterra Power Corp. (TSX: AXY) ("Alterra") announced today that the previouslyannounced acquisition by Greenbriar of Alterra's joint venture interests in AG Solar One, LLC ("AGOne") has been completed. As a result, Greenbriar (through its wholly owned subsidiary, GreenbriarCapital Holdco Inc.) now owns 100% of AG One which is in the process of developing a potential 100 MW solar photovoltaic electric generating facility in Puerto Rico.
In order to settle the remaining US$1,000,000 (approximately CDN$1,094,400) owed to Alterra in connection with the acquisition, Greenbriar issued to Alterra 684,000 units, each unit comprising one share and one non-transferable share purchase warrant, at a deemed price of US$1.46 (CDN$1.60) per unit. Each warrant will entitle Alterra to purchase one common share of Greenbriar at a price of CDN$2.00 per share for a period of 5 years from the date of issuance. The securities issued in connection with the transaction will be issued pursuant to certain prospectus and registration exemptions available under applicable securities legislation and will be subject to a hold period which will expire midnight on January 12, 2015.
Jeffrey J. Ciachurski, CEO of Greenbriar, commented that "the completion of this transaction represents a continuing consolidation of our assets and activities in Puerto Rico. We've appreciated the participation of Alterra and look forward to having them as a shareholder in our company."
The conversion of Canadian dollars to U.S. dollars used in this press release was based on the Bank of Canada noon rate on August 12, 2014 of US$1.00:CDN$1.0944.
About Greenbriar Capital Corp.
Greenbriar Capital Corp. is a leading developer of renewable energy and sustainable real estate projects. With long-term, high impact, contracted sales agreements in key project locations and led by a successful industry recognized operating and development team, Greenbriar targets deep value assets directed at adding significant accretive shareholder value.
For further information please contact:
Jeff Ciachurski, Chief Executive Officer
Greenbriar Capital Corp.
About Alterra Power Corp.
3/5/2018 September 16, 2014 - Greenbriar & Alterra Complete Acquisition Alterra Power Corp. is a leading global renewable energy company, operating six power plants totaling 568 MW of generation capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm, two geothermal facilities in Iceland, and a geothermal plant in Nevada. Alterra owns a 262 MW share of this capacity, generating approximately 1,300 GWh of clean power annually. Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, explorers, builders and operators to support its growth plans.
The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.
For further information please contact:
Peter Lekich, Corporate Communications
Alterra Power Corp.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information of Greenbriar
This press release may contain forward looking statements. All statements, other than statements of historical fact, constitute "forward looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.
Forward looking statements are generally identifiable by the use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward looking information or statements. Important factors that could cause actual results to differ from these forward looking statements include but are not limited to: risks related to the development and potential development of the Company's projects, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy, as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR.
There can be no assurance that any forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward looking information or statements. Except as required by law, the Company does not intend to revise or update these forward looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
If you wish to stop receiving our latest news releases and updates, please click on the link below to unsubscribe.
Register to receive news via email from Greenbriar Capital Corp.* Required FieldsForm not found