Brief: Polaris Infrastructure Acquires Union Energy Group Corp

Polaris Renewable Energy

31/10/2018 03:00

Oct 30 (Reuters) - Polaris Infrastructure Inc  PIF.TO :
    * POLARIS INFRASTRUCTURE ACQUIRES UNION ENERGY GROUP CORP.
    * PURCHASE CONSIDERATION CONSISTS OF:AT CLOSING: 600,000
COMMON
SHARES OF COMPANY ("SHARES") (APPROXIMATELY 3.7%)
    * PURCHASE CONSIDERATION CONSISTS OF OVER TWO-YEAR PERIOD
POST-CLOSING: 300,000 WARRANTS EXERCISABLE AT A 20% PREMIUM TO
CLOSING SHARE PRICE
    * POLARIS - PURCHASE CONSIDERATION ALSO INCLUDES UPON
COMPLETION
OF CONSTRUCTION OF GENERACIÓN ANDINA PROJECTS: 600,000 SHARES,
$396,000 IN CASH;
    * PURCHASE CONSIDERATION CONSISTS OF FUNDAMENTAL
RESTRUCTURING OF
EXISTING GENERACIÓN ANDINA PROJECT DEBT
    * POLARIS - AGREES TO INVEST CAPITAL FOR GENERACIÓN ANDINA
PROJECT
COMPLETION;WILL RECEIVE 15% ANNUAL "PREFERRED" RETURN FOR
PROJECT-LEVEL CASH FLOWS
    * POLARIS - ANTICIPATED THAT GENERACIÓN ANDINA PROJECTS AND
TRANSMISSION LINE WILL REQUIRE NET ADDITIONAL CAPITAL INVESTMENT
OF $35 MILLION
    * POLARIS -CERTAIN VENDORS TO RECEIVE ADDITIONAL COMMON
SHARES OF
CO IF,AFTER FIRST 2 YEARS OF COMMERCIAL OPERATION, GENERACIÓN
ANDINA PROJECTS HAVE EXCEEDED TARGETED LEVELS OF GENERATION
    * POLARIS INFRASTRUCTURE - A MAXIMUM OF ABOUT 970,000
ADDITIONAL
SHARES OF CO WOULD BE ISSUED TO CERTAIN VENDORS, WERE GENERATION
TO ACHIEVE TOP END OF TARGET RANGE

Source text for Eikon:  ID:nCNWtb2Mda 
Further company coverage:  PIF.TO 

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