CALGARY, March 18 /CNW/ - Pristine Power Inc. ("Pristine") today
completed its initial public offering of 12,500,000 common shares. Under the
offering, Pristine's common shares were issued and sold at $4.00 per common
share for net proceeds to Pristine of approximately $46.75 million. Haywood
Securities Inc. and Cormark Securities Inc. acted as co-lead agents in
connection with the offering together with Canaccord Capital Corporation and
Macquarie Capital Markets Canada Ltd. as agents (collectively, the "Agents").
Pristine's common shares will begin trading on the Toronto Stock Exchange with
the ticker "PPX" when markets open today. Pristine has also granted an
over-allotment option (the "Option") to the Agents to acquire up to an
aggregate of 1,875,000 common shares, representing 15% of the total offering,
at a price of $4.00 per common share. The Option is exercisable in whole or in
part by the Agents for a period of 30 days. Pristine filed a final prospectus
in relation to the offering on March 7, 2008, a copy of which is available
under Pristine's profile on the System for Electronic Data Analysis and
Retrieval (SEDAR) at www.sedar.com.
Pristine was founded in 2002, and is in the business of developing,
owning and operating independent power plants that will produce and sell
electricity and, in some cases, sell process steam to industrial users.
Pristine capitalizes on opportunities in the independent power market by
actively pursuing the development of dependable, cost-effective and
environmentally responsible power generation facilities utilizing technology
with proven past performance. Pristine currently has three projects under
construction, is active in the provinces of British Columbia and Ontario, and
is focused on future developments in Alberta.
For further information:
For further information: Jeffry M. Myers, President & Chief Executive
Officer, Telephone: (403) 444-5571, Fax: (403) 444-6784; Geoffrey D. Krause,
Chief Financial Officer, Telephone: (403) 444-6405, Fax: (403) 444-6784