UPDATE - PROPOSED TRANSACTION BETWEEN P SQUARED RENEWABLES INC. AND BOREALIS GEOPOWER CONTINUE TO ADVANCE
A letter of intent is moving forward between both parties, Borealis and P Squared Renewables, setting out the basic terms and conditions of the transaction.
In addition, Borealis’ seismic program is now underway bringing them one step closer towards the completion of the Canoe Reach Energy Project. This program allows them to detect subsurface structures including faults and fractures. Executive Chair of P Squared, Shabir Premji, stated the following:
“This is an exciting development for Borealis and P Squared. Canadians have enthusiastically endorsed recent National and Provincial government initiatives for the domestic development of renewable power sources as important contributors to the future energy mix. We are pleased to provide public investors a means of participating in Canadian-focused renewable energy projects such as the Canoe Reach Energy Project”
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P Squared Renewables Inc.