Treevil Holdings Inc. sells preferred shares of Polaris Geothermal Inc.



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/
    

    NASSAU, Bahamas, Sept. 4 /CNW/ - Treevil Holdings Inc. ("Treevil"), an
affiliate of Skyberry Holdings Inc. ("Skyberry"), announces that, pursuant to
a private transaction, it has sold 9,323,064 convertible, redeemable preferred
shares ("Preferred Shares") of Polaris Geothermal Inc. ("Polaris"),
representing approximately 12.8% of the outstanding Preferred Shares, at a
deemed price of $0.74 per Preferred Share. Each Preferred Share is convertible
into one (1) Class A common share without payment of any additional
consideration.
    After completion of the transaction described above, Skyberry and Treevil
hold 3,412,936 Preferred Shares, 17,641,667 Class A common shares, 42,409,167
warrants ("Warrants") to acquire Class A common shares and 487,500 rights
("Rights") entitling it to acquire 487,500 Class A common shares for no
additional consideration.
    Assuming conversion of the Preferred Shares, and exercise of the Warrants
and Rights, but excluding any Class A common shares issuable upon conversion
or exercise of all other outstanding convertible securities of Polaris,
Skyberry and Treevil will own and control an aggregate of 63,951,270 Class A
common shares representing approximately 48.9% of the Class A common shares
that would be outstanding.

    Skyberry and Treevil hold the securities of Polaris for investment
purposes and they may, in accordance with applicable securities laws, increase
or decrease their investment in Polaris depending on market conditions and
other relevant factors.





For further information:

For further information: Josephine Newton at (242) 362-4039; Treevil
Holdings Inc., British Colonial Centre of Commerce, Bay Street, 3rd Floor,
P.O. Box N-7115, Nassau, Bahamas

Organization Profile

TREEVIL HOLDINGS INC.

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