VANCOUVER, March 3 /CNW/ - Sea Breeze Power Corp. is pleased to announce that it has negotiated convertible debentures in the aggregate amount of CAD $ 700,000. The debentures have a five year term and are convertible into units priced at $0.20 per unit. Each unit consists of one share, and one share purchase warrant. Each share purchase warrant is exercisable into one share at a price of $0.20. The share purchase warrants will expire within 5 years of the issuance of the convertible debentures.
Interest on the debentures will be calculated at 12% per annum. The interest payments are payable in shares valued at the market price prevailing on semi-annual calculation dates.
The holders of the new debentures will be four "non-arm's length" investors and one "arms-length" investor. A portion of the proceeds from the debentures have been advanced in support of the Company's ongoing operations prior to this announcement.
Terms of the debentures remain subject to regulatory approval.
The Company is also pleased to announce that in accordance with its 2009 Stock Option Plan, the Company is granting 2,780,000 Incentive Stock Purchase Options ("Options"). The Options, exercisable at $0.20 per share for a term of five years, are being granted to employees, consultants, and directors of the Company.
Sea Breeze Power Corp. is a Vancouver-based renewable energy company focused on unlocking British Columbia's enormous but 'stranded' renewable energy potential. Sea Breeze is presently engaged in the development of utility-scale wind farms, 'run-of-river' hydroelectric projects, and through a joint venture, the development of large-scale state-of-the-art electricity transmission projects.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul B. Manson"
PAUL B. MANSON, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Sea Breeze Power Corp.
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