Tickers: XTSX:PSQ.P
Tags: Alternative Energy, Mining
November 22, 2017 / TheNewswire / Calgary, Alberta - P Squared Renewables Inc. (TSXV: PSQ.P) ("P Squared"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), announces that its previously announced binding term sheet with Borealis GeoPower Inc. ("Borealis") and the shareholders of Borealis has been terminated and the proposed business combination will not proceed. P Squared has made a demand for immediate repayment of the secured bridge loan provided to Borealis in the principal amount of $225,000 plus accrued interest thereon.
P Squared has resumed the process of evaluating opportunities that were put on hold, while focused on completing the qualifying transaction with Borealis, with a view to completing a qualifying transaction within the next few months.
Trading Halt
Trading in P Squared shares on the Exchange is currently halted.
NEITHER THE 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future business and operations of P Squared. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive applicable Board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date hereof and P Squared disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
For further information, please contact:
Shabir Premji, Executive Chair, P Squared Renewables
Telephone: (403) 870-1841
Email: spremji@p2renewables.com
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