TORONTO, Aug. 27 /CNW/ - Tonbridge Power Inc. ("Tonbridge") listed on the TSX Venture Exchange as TBZ, controlling shareholder of the Montana Alberta Tie Ltd. ("MATL") transmission line project to interconnect the electricity markets of Alberta and the US through a 300 MW transmission line, announces that it has issued common shares to 8 directors and 1 advisor to the Board ("Directors") of Tonbridge as payment for Directors' fees earned between July 1, 2009 and June 30, 2010.
On August 19, 2010, Tonbridge announced intent to issue shares as compensation to the directors for fees earned during the last twelve months. On August 25, 2010, Tonbridge received approval from the TSX Venture Exchange to issue 119,049 shares, calculated at $2.07 per share. These shares were issued to extinguish an amount owing of $246,431.43. Securities have been issued with a hold period expiring on December 27, 2010.
Tonbridge Power Inc. is a Toronto-based investor in power projects, whose principal asset is a controlling interest in Montana Alberta Tie Ltd. Shares of Tonbridge became publicly listed on the TSX Venture Exchange on July 7, 2005 and are traded under the symbol "TBZ".
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