P Squared Renewables to Raise upto USD7.7 Million in Private Placement

Published: Jul 05 2017
Deal Summary

P Squared Renewables Inc., a renewable energy company, has agreed to issue shares for gross proceeds of a minimum CAD5 million (USD3.85 million) and a maximum of CAD10 million (USD7.7 million) in a private placement.

The company intends to use the proceeds from the offering to fund work programs on Borealis GeoPower’s Canoe Reach energy project and Lakelse Lake energy project, to pursue asset acquisitions, to repay amounts owed by Borealis GeoPower to arm’s length and non-arm’s length lenders and for general corporate purposes.

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