TSX-V symbol: GRB
VANCOUVER, Aug. 13, 2014 /CNW/
- Greenbriar Capital Corp. (TSX-V: GRB) ("Greenbriar") and
Alterra Power Corp. (TSX: AXY) ("Alterra") announced today that
they have reached an agreement respecting completion of the
previously announced acquisition by Greenbriar of Alterra's joint
venture interests in AG Solar One, LLC ("AG One"). The
Parties were indirect joint venturers in AG One which is in the
process of developing a potential 100 MW solar photovoltaic
electric generating facility in Puerto
Rico. The parties agreed in July
2013 (as amended in October
2013) that Greenbriar would acquire Alterra's interest in AG
One by payment of US$1,250,000, of
which US$250,000 has been paid in
cash. The securities are being issued to settle the remaining
US$1,000,000 (approximately
CDN$1,094,400) owed to Alterra by
Greenbriar's wholly owned subsidiary, Greenbriar Capital Holdco
Inc.
As a result of the agreement, Greenbriar will
issue 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 of four months and a day from the date of issuance.
Jeffrey J. Ciachurski, CEO of Greenbriar,
commented that "Greenbriar is very pleased to be able to complete
the acquisition of AG One and is delighted that Alterra has elected
to assume an equity interest in Greenbriar. The settlement of
this outstanding amount should allow us to improve our balance
sheet and to assist us moving forward with project financing for,
among other things, continuing development of the AG One
assets."
The completion of the Debt Settlement is subject
to the receipt of all necessary regulatory approvals, including the
approval of the TSX Venture Exchange.
The conversion of Canadian dollars to U.S.
dollars used in this press release is 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.
About Alterra Power Corp.
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.
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.
SOURCE Greenbriar Capital Corp.