Renewable Energy Developers Announces Results of 2013 Meeting of Shareholders

CNW Group

TORONTO , June 26, 2013 /CNW/ - Sprott Power Corp. (SPZ.TO) (the "Company") held its annual and special meeting (the "Meeting") today in Toronto , Ontario, at which the shareholders approved the name change to Renewable Energy Developers Inc ("ReD").  On or about July 2, 2013 , the common shares and convertible unsecured subordinated debentures of the Company will begin trading on the Toronto Stock Exchange under the new symbols "RDZ" and "RDZ.DB".

All other resolutions proposed in the Management Information Circular dated May 30, 2013 for the Meeting were approved.  The results of the vote for the election of Directors were as follows:

Director Vote type Number of Votes Percentage of Votes
John Varghese
 
For
Withheld
19,340,651
2,842,596
87%
13%
Finn Greflund
 
For
Withheld
19,354,702
2,828,545
87%
13%
F. David Rounthwaite
 
For
Withheld
19,330,557
2,852,696
87%
13%
David Kerr
 
For
Withheld
21,398,096
785,151
96%
4%
Uwe Roeper
 
For
Withheld
21,396,496
786,751
97%
3%

The shareholders reappointed Grant Thornton LLP, Chartered Accountants as auditors of the Company and approved the issuance of that number of common shares of the Company as is required for the previously announced buyout of the management services agreement between the Company and Sprott Power Consulting Limited Partnership. The formal report on voting results with respect to all matters voted upon at the Meeting will be filed on SEDAR at www.sedar.com.

At the Meeting, the Chairman of the Company also confirmed that the strategic review process is ongoing.

Renewable Energy Developers Inc.

The Company is a publicly-traded Canadian-based company dedicated to the development, ownership and operation of renewable energy projects. Through project development efforts, acquisitions, partnerships and joint ventures, the Company provides its shareholders with income and growth from the renewable power generation sector of the energy industry.

Forward-Looking Statements

Certain information contained in this press release may constitute "forward-looking information", including, without limitation, statements relating to the date on which the Company expects to begin trading under new ticker symbols, the strategic review process, which reflect the current expectations of the Company. This information reflects the Company's current beliefs with respect to future events and is based on information currently available to management.  Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information including, without limitation, the risks listed under the heading "Risk Factors" in the Company's Revised Annual Information Form dated April 2, 2013 . Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information contained in this release. Although forward-looking information contained in this release is based upon what the Company believes to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with this forward-looking information. The forward-looking information is made as of the date of this release and the Company does not assume any obligation to update or revise it to reflect new events or circumstances, except as required by law.

SOURCE: Sprott Power Corp.

Contact:

Jeff Jenner, CA, CBV
President and Chief Executive Officer
Renewable Energy Developers Inc.
416-943-6387
jjenner@red-inc.ca

Ross Marshall
Investor Relations
(416) 815 0700 ext. 238
rmarshall@tmxequicom.com

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