VANCOUVER, Sept. 7, 2016 /CNW/ - Alterra Power Corp. ("Alterra" or the "Company") announced today that the previously announced consolidation of the Company's issued and outstanding common shares on the basis of one (new) post consolidation common share for each ten (old) pre-consolidation common shares (the "Consolidation") is effective September 6, 2017. The Consolidation has been approved by the Toronto Stock Exchange (the "TSX") and a related bulletin was issued by the TSX on September 7, 2016. Alterra's common shares are expected to begin trading on a consolidated basis on the TSX when markets open on September 9, 2016.
Prior to the Consolidation, the Company had approximately 469.3 million common shares issued and outstanding. As a result of the Consolidation, the Company has approximately 46.9 million common shares issued and outstanding. The Company's shares will continue to trade on the TSX under the existing symbol "AXY".
The exercise price and the number of common shares issuable under any of the Company's outstanding options will be proportionately adjusted to reflect the Consolidation in accordance with their respective terms. No fractional shares will be issued as a result of the Consolidation. Fractional interests will be rounded down to the nearest whole number of common shares.
A letter of transmittal will be mailed to registered shareholders on September 8, 2016 providing instructions to surrender the certificates evidencing common shares held in exchange for replacement certificates or Direct Registration Advice representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing common shares prior to the Consolidation will be deemed for all purposes to represent the number of whole common shares to which the holder thereof is entitled as a result of the Consolidation.
Shareholders who hold their common shares in brokerage accounts or in "street name" are not required to take any action to surrender for exchange common shares held.
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company, operating seven power plants totaling 819 MW of generation capacity including British Columbia's largest run-of-river hydro facility and largest wind farm, the recently completed Shannon and Jimmie Creek projects, and two geothermal facilities in Iceland. Alterra owns a 381 MW share of this capacity, generating over 1,700 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects and a skilled team of developers, 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.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information included in this news release are "forward-looking information" within the meaning of Canadian securities laws that involve risks and uncertainties. Forward-looking information relates to future events or future performance and reflects management's expectations and beliefs regarding future events as of the date hereof. Examples of forward-looking information in this news release include all statements regarding when the common shares are expected to begin trading on the TSX on a consolidated basis and the mailing of the letters of transmittal in connection with the Consolidation and the annual generation of the Company's projects. Forward-looking information is based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. Alterra cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking information. Material risk factors and assumptions include potential delay in timing for trading on a post-Consolidation basis and operating risks, as well as those set out in the management's discussion and analysis section of Alterra's most recent annual and quarterly reports and in Alterra's Annual Information Form for the year ended December 31, 2015. Although Alterra has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate and undue reliance should not be placed on forward-looking information. Except as required by law, Alterra undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Alterra Power Corp.
For further information: Peter Lekich, Corporate Communications, Alterra Power Corp., Phone: 604.235.6719, Email: email@example.com