TransactionsCassels Brock Acts for 0831740 B.C. Ltd. a Subsidiary of Sprott Power Corp. in Connection with the Sale of Its Indirect Partnership Interests in a Number of Hydro Development Projects in British ColumbiaPublished: 08/29/2011 By Noble C. Chummar, Colin Ground, Jason R. Sernoskie On August 24, 2011, Sprott Power Corp. ("Sprott Power") announced that it has entered into an agreement to sell its indirect partnership interests in a number of hydro development projects located in northwestern British Columbia to a subsidiary of Anyox Hydro Electric Corp. As per Sprott Power's previous announcement on May 11, 2011, the assets include the 30 megawatt Anyox Creek Hydroelectric Project and other nearby hydro development assets. The sale is scheduled to close on or before September 30, 2011. The proceeds from the sale will total up to $4.8 million, with $2.1 million paid through a combination of cash and a short-term irrevocable letter of credit, and the balance receivable upon the successful completion of certain project development milestones. Sprott Power is a publicly-traded Canadian-based company dedicated to the development, owning and operating of renewable energy projects. Through project development efforts, acquisitions, partnerships and joint ventures, Sprott Power provides its shareholders with income and growth from the renewable power generation sector of the energy industry. Cassels Brock acted for 0831740 B.C. Ltd. A Subsidiary of Sprott Power with a team that included Noble Chummar (Business Law), Colin Ground (Business Law and Renewable Energy & Clean Technology) and Jason Sernoskie (Business Law). |