TORONTO, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) announces that an aggregate of 875,840 trust units in the capital of the Trust (the “Qualifying Units”) have been issued under the Trust’s Unit Purchase Plan (the “Plan”) at a price of $0.155 per trust unit. Under the terms of the Plan, each participant is entitled to receive a matching number of trust units acquired pursuant to the Plan at no cost to such participant (the “Deferred Matching Units”). Subject to certain conditions, the Deferred Matching Units will be issued to participants over a three year period following the date of the purchase of the Qualifying Units. As such, an additional 875,840 Deferred Matching Units may be issued in three equal tranches over a three year period. As a result of the issuance of such Deferred Matching Units, the number of trust units issuable under the Plan will have reached the maximum available under the Plan and therefore no further issuances of Deferred Matching Units will be permitted under the terms of the Plan unless the Plan is amended pursuant to the policies of the TSX Venture Exchange. In addition, no members of management or executive directors of the Trust currently hold any options or restricted trust units exercisable or convertible into trust units.
For further information please contact:
|Ravi Sood |
|J. Colter Eadie |
Chief Executive Officer
|Betty Soares |
Chief Financial Officer
About Jade Power
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Jade Power’s issuer profile at www.sedar.com.
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2018, a copy of which is available on Jade Power’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX-V nor its regulation services provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.