VANCOUVER, Nov. 25 /CNW/ - Sea Breeze Power Corp. is pleased to announce that it has arranged a convertible debenture in the amount of US$100,000.
The debenture will have a two-year term and is convertible into Common Shares of the Company at CAD$ 0.20 per share during the term of the debenture.
Each converted share entitles the debenture holder to one share purchase warrant, which will expire two years following the closing date. The warrants issueable from the debentures will have an exercise price of CAD$ 0.20 per share during the term of the debenture.
Interest on the debenture 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 convertible debenture will have a hold period expiring four months from date of closing. The transaction remains subject to regulatory approval.
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 partnership, the development of state-of-the-art electricity transmission projects.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul B. Manson"
PAUL B. MANSON, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
SOURCE Sea Breeze Power Corp.
For further information: For further information: For investor information please contact Mr. Paul B. Manson, Email: info@SeaBreezePower.com, Voice: (604) 689-2991, Toll Free: 1-866-387-1240