TORONTO, Sept. 19, 2011 /CNW/ - With reference to the press release
dated August 24, 2011, Sprott Power Corp. ("Sprott Power") (TSX: SPZ),
a developer, owner and operator of renewable energy projects, today
announced the completion of the sale of its partnership interests in a
number of hydro development projects located in northwestern British
Columbia to its partner Anyox Hydro Electric Corp. As previously
disclosed, the proceeds from the sale will total up to $4.8 million,
with $2.1 million paid through a combination of cash and a short-term
irrevocable letter of credit, and the balance receivable upon the
successful completion of certain project development milestones.
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company
dedicated to the development, owning and operating of renewable energy
projects. Through project development efforts, acquisitions,
partnerships and joint ventures, Sprott Power provides its shareholders
with income and growth from the renewable power generation sector of
the energy industry.
Certain information contained in this press release may constitute
"forward-looking information" which reflect the current expectations of
Sprott Power including the ability of the acquirer of successfully
complete certain of the project development milestones which would
impact the timing and value of the gross proceeds to Sprott Power. This
information reflects Sprott Power's current beliefs with respect to
future events and is based on information currently available to
management. Forward-looking information involves significant known and
unknown risks, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to be materially different
from any future results, performance or achievements that may be
expressed or implied by such forward-looking information including,
without limitation, the risks listed under the heading "Risk and
Uncertainties" in Sprott Power's Management's Discussion and Analysis
of Financial Results dated June 13, 2011. Should one or more of these
risks or uncertainties materialize, or should assumptions underlying
the forward-looking information prove incorrect, actual results,
performance or achievements could vary materially from those expressed
or implied by the forward-looking information contained in this
release. Although forward-looking information contained in this release
is based upon what Sprott Power believe to be reasonable assumptions,
management cannot assure investors that actual results, performance or
achievements will be consistent with this forward-looking information.
The forward-looking information is made as of the date of this release
and Sprott Power does not assume any obligation to update or revise it
to reflect new events or circumstances, except as required by law.
SOURCE Sprott Power Corp.
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