VALEMOUNT, BC, Dec. 15, 2016 /CNW/ - Canoe Reach Energy Inc. ("CRE"), a privately held B.C. based company focused on developing geothermal projects throughout B.C.'s Valemount (Robson Valley) Region, is launching a $1.8 million capital raise to develop, market and operate a GeoHeat Park.
Geothermal heat and electricity production is an industry that has been used throughout the world for more than a century, and yet has not been developed in Canada despite its high-quality resources. With rising carbon taxes affecting the price of food, electricity, heating and more, the development of geothermal resources can offer an alternative energy that is locally produced and is renewable.
Director Alison Thompson states, "We are raising capital for drilling and initial development of the reservoir. Accredited investors can participate in an alternate energy investment that is PIMBY (Please In My Backyard). This is possibly the first energy project, and almost certainly the only current energy project in the province that does not have any public discontent associated with it."
Borealis GeoPower Inc., a privately held corporation based in Calgary, AB and established in 2007 has undertaken geothermal energy exploration activities in the Robson Valley spanning back to 2010. In 2016 it formed its subsidiary, CRE, to commercialize renewable heat projects, begin operations and start earning revenue from long-term renewable heat contracts.
CRE is qualified as an Eligible Business Corporation ("EBC") under the BC Small Business Venture Capital Act ("SBVCA") providing individual tax payers or corporations the opportunity to receive a 30% tax credit on their 2016 tax return for investments up to $200,000, resulting in a net investment cost of $140,000.
This investment opportunity is open to accredited investors only.
This communication is intended for information purposes only and does not constitute and should not be construed in any way as an offer to sell or as a solicitation of an offer to purchase any of the securities of CRE (the "Corporation"). The Corporation cautions that private company investing is considered to be highly speculative and, as such, is suitable only for investors who are prepared to risk the loss of their entire investment. Interested investors should review all subscription documents carefully and consult with licenced legal professionals and advisors for any investment advice.
SOURCE Canoe Reach Energy
For further information: For more information on the opportunity and EBC program, please go to borealisgeopower.com/invest. To access our private dealroom go to: http://ilnk.me/CanoeReach; Alison Thompson, 403-801-6805, [email protected]