TORONTO, May 16, 2019 /CNW/ - Polaris Infrastructure Inc.
("Polaris Infrastructure" or the "Company") (TSX:PIF)
announced today that it has increased the size of its previously
announced private placement of convertible debentures (the
"Convertible Debentures") to $20,000,000. In addition, Cormark Securities
Inc., Clarus Securities Inc., and a syndicate of agents (the
"Agents") will now have an option to sell an additional
$5,000,000 in Convertible Debentures
under the offering for total gross proceeds of $25,000,000 (if exercised in full).
As previously announced, the Company intends to use the net
proceeds of the offering for general corporate purposes and to
provide the flexibility to pursue further corporate development
opportunities in Peru and similar
jurisdictions in Latin
America.
The offering is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory and stock
exchange approvals, including the approval of the Toronto Stock
Exchange. The securities being offered have not been, nor will they
be, registered under the United
States Securities Act of 1933, as amended, and may
not be offered or sold in the United
States or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any State in which such
offer, solicitation or sale would be unlawful.
About Polaris Infrastructure
Polaris Infrastructure
is a Toronto-based company engaged
in the operation, acquisition and development of renewable energy
projects in Latin America.
Currently, the Company operates a 72 MW geothermal project located
in Nicaragua and a 5 MW
run-of-river project in Peru. The
Company is also completing the construction of another 28 MW of
run-of-river projects also located in Peru.
Forward Looking Statements
Certain statements made in this press release may constitute
forward-looking information under applicable securities laws. These
statements may relate to anticipated events or results and
statements that are not historical facts. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "predicts", "intends", "targets", "aims",
"anticipates" or "believes" or variations (including negative
variations) of such words and phrases or may be identified by
statements to the effect that certain actions "may", "could",
"should", "would", "might" or "will" be taken, occur or be
achieved. A number of known and unknown risks, uncertainties and
other factors may cause the actual results or performance to
materially differ from any future results or performance expressed
or implied by the forward-looking information. Such factors
include, among others, general business, economic, competitive,
political and social uncertainties; the actual results of current
energy production, development and/or exploration activities and
the accuracy of probability simulations prepared to predict
prospective energy resources; changes in project parameters as
plans continue to be refined; possible variations of production
rates; failure of plant, equipment or processes to operate as
anticipated; accidents, labor disputes and other risks of the
geothermal and hydroelectric industries; political instability or
insurrection or war; labor force availability and turnover; delays
in obtaining governmental approvals or in the completion of
development or construction activities, or in the commencement of
operations; the ability of the Company to continue as a going
concern and general economic conditions, as well as those factors
discussed in the section entitled "Risk Factors" in the Company's
Annual Information Form. These factors should be considered
carefully and readers of this news release should not place undue
reliance on forward-looking information.
Although the forward-looking information contained in this news
release is based upon what management believes to be reasonable
assumptions, there can be no assurance that such forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. The information in this news
release, including such forward-looking information, is made as of
the date of this news release and, other than as required by
applicable securities laws, Polaris Infrastructure assumes no
obligation to update or revise such information to reflect new
events or circumstances.
SOURCE Polaris Infrastructure Inc.