Sea Breeze Power Corp. is pleased to announce that, further to its news release of March 3, 2010, it has closed convertible debentures in the aggregate of $700,000.
The debentures have a five-year term and are convertible into units priced at $0.20 per unit. Each unit consists of one common share and one share purchase warrant. Each share purchase warrant is exercisable into one common share at a price of $0.20. The share purchase warrants issued will expire five years from the issuance of the convertible debentures.
Interest on the debentures will be calculated at 12% per annum. The interest payments are payable in shares valued at the market price prevailing on semi-annual calculation dates. The holders of the new debentures will be four "non-arm's length" investors and one "arms-length" investor. A portion of the proceeds from the debentures have been advanced in support of the Company's ongoing operations prior to this announcement.
There is a hold period on trading the debentures or any shares issued from them that expires July 4, 2010.
Sea Breeze Power Corp. is a Vancouver-based renewable energy company focused on unlocking British Columbia’s enormous but ‘stranded’ renewable energy potential. Sea Breeze is presently engaged in the development of utility-scale wind farms, ‘run-of-river’ hydroelectric projects, and through a joint venture partnership, the development of state-of-the-art electricity transmission projects.
ON BEHALF OF THE BOARD OF DIRECTORS
”PAUL B. MANSON” ________________________________ PAUL B. MANSON, President & CEO
For investor information please contact Mr. Paul B. Manson.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
