Great Plains Metals Corp. press release
Pristine Power and ENMAX Green Power Announce $24.6 million Financing for Enpower
TSXV - TSX Venture Exchange · Gold · Copper · Molybdenum · Rare Earth Elements · Uranium · Canada
CALGARY, Oct. 23 /CNW/ - Pristine Power Inc. (TSX: PPX "Pristine") and ENMAX Green Power Inc. ("Enmax") today announced the completion of a 10 year, $24.6 million non-recourse project financing agreement for its two 5 MW Enpower projects at Savona and 150 Mile House.
Enpower Green Energy Generation Limited Partnership ("Enpower LP"), a partnership jointly owned by Pristine and ENMAX Green Power Inc. and holding the two Enpower projects, closed a 10-year, $24.6 million non-recourse term loan with Toronto-based Corpfinance International Limited ("CFI"). The term loan will finance approximately 78% of the $31.5 million total expected cost of both projects.
In conjunction with the financing and under the terms of an equity financing arrangement with CFI Infrastructure Opportunities L.P. ("CFI Infrastructure"), Pristine effectively sold 50% of its 50% ownership interest in Enpower LP to CFI Infrastructure for $3.7 million in cash.
Jeffry M. Myers, President and Chief Executive Officer of Pristine Power remarked, "As a company, Pristine continues to meet all of its objectives for 2008. In the midst of turbulent capital markets, we completed our initial public offering and we will have approximately $45 million available to fund new growth opportunities, including an injection of approximately $14 million of debt and equity from Enpower debt financing and through a draw from the CFI Infrastructure arrangements. The Enpower transaction demonstrates that quality infrastructure projects can attract competitively priced debt capital in uncertain capital markets. We are very well positioned to turn our focus to an unprecedented number of bid opportunities that we are pursuing in the provinces of British Columbia, Ontario and Saskatchewan."
About Pristine
Pristine (TSX: PPX) is in the business of developing, owning and operating independent power plants that produce and sell electricity and in some cases, sell process steam to industrial users. Pristine capitalizes on opportunities in the independent power market by actively pursuing the development of dependable, cost-effective and environmentally responsible power generation facilities utilizing technology with proven past performance. Pristine pursues a mix of large gas-fired and bioenergy generation and hydroelectric projects and smaller replicable waste heat recovery ERG(R) and bioenergy projects. Pristine currently has two projects in operation, one under construction, and one under contract and in advanced development. Pristine is developing projects in Ontario, British Columbia, Saskatchewan and Alberta. Visit www.pristinepower.ca for more information.
About Enmax
ENMAX Corporation, through subsidiaries and predecessors, provides electricity, natural gas and value-added services to more than half a million customers. Through a subsidiary, ENMAX Green Power Inc., ENMAX Energy Corporation is one of Alberta's largest investors in renewable energy with partial ownership of the McBride Lake Wind Farm and complete ownership of the Taber and Kettles Hill Wind Farms. Based in B.C., Hydromax Energy Ltd., a wholly owned subsidiary of ENMAX Green Power Inc., holds several water licenses in B.C. at various stages of development. Visit www.enmax.com for more information.
About Corpfinance International Limited
Founded in 1984, Corpfinance International Limited (CFI) has grown to become one of Canada's premiere investment banking boutiques. CFI structures and provides customized funding and financing solutions for a large range of project financing such as power generation deals including co-generation and hydro electric energy, and provides infrastructure financing for many public and private sector projects such as nursing homes and public schools. In addition to their lending capabilities CFI offers a wide range of capital solutions through their wholly owned subsidiary, CFI Capital. CFI Capital is the manager of the CFI Infrastructure Opportunities Fund which has committed equity capital of $80 Million. Visit www.corpfinance.ca for more information.
Cautionary Statement Regarding Forward Looking Information
Certain statements in this news release, including the company's ability to successfully proceed with projects, may constitute "forward-looking information" or "forward-looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, such information uses such words as "estimates", "expects", "plans", "anticipates" and other similar terminology. This information reflects the Company's current expectations regarding future events and construction performance and speaks only as of the date of this news release. Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information in this news release is based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is provided as of the date of this news release, and, subject to applicable securities laws, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.