Vancouver, British Columbia-based Sea Breeze Power Corp., a developer of wind farms and hydroelectric projects, has negotiated convertible debentures in the aggregate amount of C$700,000.
The debentures have a five-year term and are convertible into units priced at C$0.20 per unit. Each unit consists of one share, and one share purchase warrant. Each share purchase warrant is exercisable into one share at a price of C$0.20. The share purchase warrants will expire within five years of the issuance of the convertible debentures.
Interest on the debentures will be calculated at 12% per year. The interest payments are payable in shares valued at the market price prevailing on semi-annual calculation dates.
Terms of the debentures remain subject to regulatory approval.
The company is also granting 2.7 million incentive stock purchase options. The options, exercisable at C$0.20 per share for a term of five years, are being granted to employees, consultants and directors of the company.
SOURCE: Sea Breeze Power Corp. Â