P Squared Renewables to Acquire Borealis GeoPower

Published: Jul 05 2017
Deal Summary

P Squared Renewables Inc., a renewable energy company, has agreed to acquire Borealis GeoPower Inc., a geothermal power generation company.

Under the terms of acquisition, P Squared Renewables will issue a total of 11 million common shares of the company in exchange for the 1,627 Borealis GeoPower shares issued outstanding, being an exchange ratio of 6,760.91 common shares of P Squared Renewables for each Borealis GeoPower share. Following the completion of the transaction, and prior to giving effect to a private placement, 22 million common shares of P Squared Renewables will be issued and outstanding.

The transaction is subject to the completion by P Squared Renewables of a private placement financing for minimum proceeds of CAD5 million (USD3.85 million), obtaining requisite regulatory approval, including the acceptance of the TSXV and the satisfaction or waiver of customary closing conditions, including the approval of the directors of P Squared Renewables of the transaction and the completion of due diligence investigations to the satisfaction of P Squared Renewables.

The transaction is expected to be completed by the end of September 2017 and, in any event, no later than December 31, 2017 (or such other date as may be mutually agreed in writing between P Squared Renewables and Borealis GeoPower).

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