TORONTO, May 28, 2019 /CNW/ - Polaris Infrastructure Inc.
("Polaris Infrastructure" or the "Company") (TSX:PIF)
announced today the closing of its previously announced private
placement offering of an aggregate principal amount of $25,000,000 7% senior unsecured convertible
debentures ("Convertible Debentures"), including the
exercise in full of the Agents' option to sell up to $5,000,000 of Convertible Debentures. The
transaction was co-led by Cormark Securities Inc. and Clarus
Securities Inc. on behalf of a syndicate of agents (the
"Agents") on behalf of the Company.
The Convertible Debentures and any common shares in the capital
of the Company issuable upon conversion thereof, as applicable,
will be subject to a statutory hold period lasting four months and
one day following the closing date.
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.