Halifax, Nova Scotia-based Shear Wind Inc. has obtained the conditional approval of the TSX-Venture Exchange and the requisite shareholder approval for the transfer of all of the assets related to Shear Wind's 62.1 MW Glen Dhu wind project to Glen Dhu Wind Energy Ltd. partnership (GDWE LP). The shareholder approval, obtained via written consent, included the approval of the majority of minority shareholders (excluding Genera Avante Holdings Canada Inc. or its affiliates).
As announced on June 25, the independent committee of the board of directors of Shear Wind agreed that the purchase price for the transfer of the assets will be C$22.8 million to be paid through the issuance of units of GDWE LP to Shear Wind. The closing of the asset transfer will occur upon receipt of all required third-party consents and assignments and final approval from the TSX-V, all of which are anticipated to be received by the end of this month.
Shear Wind has also announced that, as previously agreed, Genera Avante has subscribed for C$21.9 million in GDWE LP units. Upon the completion of the asset transfer, Shear Wind will own 51% and Genera Avante will own 49% of the total issued and outstanding GDWE LP units.
SOURCE: Shear Wind Inc.