Update on Implementation of Restructuring Proposal
Dec 07, 2017, 16:27 ET
VANCOUVER, Dec. 7, 2017 /CNW/ - As previously announced by Sea Breeze Power Corp. ("Power Corp") via news release dated May 2, 2017, on April 28, 2017, the Supreme Court of British Columbia (the "Court") approved the second amended proposal of Power Corp and one of its wholly-owned subsidiaries, Sea Breeze Energy Inc. (together, the "Company") dated April 21, 2017 (as amended, the "Proposal") pursuant to the Bankruptcy and Insolvency Act. Power Corp. hereby confirms that, following receipt of the approval of the Court and the satisfaction of all conditions precedent to the Proposal, as certified by the Proposal Trustee (as defined below), the Proposal Implementation Date pursuant to the Proposal occurred effective on May 9, 2017.
Information concerning the Company's restructuring and the Proposal can be found on the website of the proposal trustee, Alvarez & Marsal Canada Inc. (the "Proposal Trustee") at: www.alvarezandmarsal.com/seabreeze
Pursuant to the Proposal, upon Implementation:
- all of the common shares of Power Corp. held by the Secured Lender Group were transferred to Tu-Can Energy LLC ("Tu-Can"), a limited liability company controlled by the Secured Lender Group;
- Power Corp. issued an additional one billion common shares to Tu-Can,
- Power Corp.'s common shares were consolidated at a rate of 25 million to 1; and
- all fractional common shares and other securities of Power Corp., except for the common shares held by Tu-Can, were cancelled, with the result that Tu-Can is now the sole shareholder of Power Corp.
As Power Corp. no longer meets the continued listing requirements of the TSX Venture Exchange (the "TSXV"), the common shares of Power Corp. will be de-listed from the TSXV effective as of December 14, 2017.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information and Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the de-listing of the common shares of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Power Corp.'s plans or expectations include risks relating to the failure to implement the Proposal and other risks detailed herein and from time to time in the filings made by Power Corp.
SOURCE Sea Breeze Power Corp.
For further information: www.alvarezandmarsal.com/seabreeze
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