TORONTO, April 10, 2012 /CNW/ - Sprott Power Corp. (TSX: SPZ), a developer, owner and operator of renewable energy projects (the "Company"), today announced that it will hold its annual and special meeting of shareholders on May 15, 2012 at 10:00AM at its offices at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2700, Toronto, Ontario. Materials with respect to the meeting will be delivered on or around April 23, 2012 to shareholders of record as of April 4, 2012.
In addition the Company announced that it has entered into a shareholder rights plan agreement to ensure, to the extent possible, that all shareholders of Sprott Power are treated fairly in connection with any take-over bid for Sprott Power. The rights plan was not adopted in response to any specific proposal or intention to acquire control of Sprott Power. The rights plan has been approved by the Toronto Stock Exchange and is conditional upon shareholder ratification at the annual and special meeting of shareholders of Sprott Power.
Under the term of the rights plan, one right has been issued with respect to each common share of Sprott Power issued and outstanding as of April 10, 2012 and one right will also be issued and will attach to each common share subsequently issued. These rights will become exercisable only when a person, including any party related to it, acquires or attempts to acquire 20% or more of Sprott Power's outstanding common shares without complying with the "Permitted Bid" provisions of the rights plan or without approval of Sprott Power's board of directors. Should such an acquisition occur or be announced, each right would, upon exercise, entitle a rights holder, other than the acquiring person and related persons, to purchase common shares of Sprott Power at a 50% discount to the market price at the time. Under the rights plan, a Permitted Bid is a bid which is made to all holders of the common shares and which is open for acceptance for not less than 60 days.
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 reflects the current expectations of Sprott Power. This information reflects Sprott Power's current beliefs with respect to future events and are 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 Factors" in the Annual Information Form of Sprott Power dated March 26, 2012. 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 believes 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.
For further information:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Sprott Power Corp.
The Equicom Group
416-815-0700 ext. 264