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Greenbriar Capital Corp. and Alterra Power Corp. Announce Securities for Debt Settlement
TSX-V symbol: GRB VANCOUVER , Aug. 13, 2014 /CNW/ - Greenbriar Capital Corp. ...
About this update from Greenbriar Sustainable Living Inc
[{"type":"text","content":"\n\nTSX-V symbol: GRB\n\n\n\nVANCOUVER, Aug. 13, 2014 /CNW/ - Greenbriar Capital Corp. (TSX-V: GRB) (\"Greenbriar\") and Alterra Power Corp. (TSX: AXY) (\"Alterra\") announced today that they have reached an agreement respecting completion of the previously announced acquisition by Greenbriar of Alterra's joint venture interests in AG Solar One, LLC (\"AG One\").  The Parties were indirect joint venturers in AG One which is in the process of developing a potential 100 MW solar photovoltaic electric generating facility in Puerto Rico. The parties agreed in July 2013 (as amended in October 2013) that Greenbriar would acquire Alterra's interest in AG One by payment of US$1,250,000, of which US$250,000 has been paid in cash.  The securities are being issued to settle the remaining US$1,000,000 (approximately CDN$1,094,400) owed to Alterra by Greenbriar's wholly owned subsidiary, Greenbriar Capital Holdco Inc.\n\nAs a result of the agreement, Greenbriar will issue to Alterra 684,000 units, each unit comprising one share and one non-transferable share purchase warrant, at a deemed price of US$1.46 (CDN$1.60) per unit.  Each warrant will entitle Alterra to purchase one common share of Greenbriar at a price of CDN$2.00 per share for a period of 5 years from the date of issuance. The securities issued in connection with the transaction will be issued pursuant to certain prospectus and registration exemptions available under applicable securities legislation and will be subject to a hold period of four months and a day from the date of issuance. \n\nJeffrey J. Ciachurski, CEO of Greenbriar, commented that \"Greenbriar is very pleased to be able to complete the acquisition of AG One and is delighted that Alterra has elected to assume an equity interest in Greenbriar.  The settlement of this outstanding amount should allow us to improve our balance sheet and to assist us moving forward with project financing for, among other things, continuing development of the AG One assets.\"\n\nThe completion of the Debt Settlement is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.  \n\nThe conversion of Canadian dollars to U.S. dollars used in this press release is based on the Bank of Canada noon rate on August 12, 2014 of US$1.00:CDN$1.0944.\n\nA...