Thursday, July 6, 2017

Canada: Borealis GeoPower Taken Over By New Renewable Energy Company

P Squared Renewables Inc. Announces Qualifying Transaction with Borealis Geopower Inc. (News Release)

P Squared Renewables Inc. has announced that it has entered into a binding term sheet with Borealis GeoPower Inc. and the shareholders of Borealis which sets out the material terms and conditions pursuant to which the parties have agreed to complete a transaction that will result in Borealis becoming a wholly owned subsidiary of P Squared.

The Term Sheet was negotiated at arm's length and is effective as of July 1, 2017.

P Squared Renewables Inc., is a start-up renewable energy company, currently building its portfolio of geothermal, solar, wind and energy storage projects, which will include power generation and technology development. Projects targeted will initially be located in Canada with future global expansion.

Borealis Geopower is a team comprised of geoscientists, engineers, and project developers who have come together to enable geothermal power and heat production as a major player in the Canadian energy market. It is the only company in Canada carrying out geothermal research and development (R&D) that has both a national and international scope.

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