Greenbriar Capital Corp. and Alterra Power Corp. Announce Securities for Debt
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
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
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.
Jeff Ciachurski, Chief Executive Officer, Greenbriar Capital Corp., Phone:
949.903.5906, Email: email@example.com; Peter Lekich,
Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email:
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CO: Greenbriar Capital Corp.
ST: British Columbia
NI: FIN VNT
-0- Aug/13/2014 22:59 GMT
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