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ENMAX purchases position in NaiKun Wind Energy Group |
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Thursday, 22 March 2007 |
Michael C. Burns, Chairman of NaiKun Wind Energy Group Inc. has announced that NaiKun has entered into an agreement with ENMAX Corporation to invest in NaiKun and to work together with the company in several strategic areas of the company's development of the 320MW Phase 1 wind energy project in the Hecate Strait.
Under the terms of the Agreement, NaiKun will receive consideration of CAN$ 2,000,000 from ENMAX in exchange for certain NaiKun assets and obligations:
- 1,097,562 common shares in NaiKun Wind Energy Group at a price of CAN$ 1.36 per share.
- 500,000 common shares of NaiKun Generation Company Inc. (GenCo) representing 50% of GenCo. GenCo is a NaiKun subsidiary that has the exclusive right to install the generation facilities of the Phase 1 project. GenCo will be responsible for project financing and construction and will own the 320MW Phase 1 generation asset.
- In addition, NaiKun and ENMAX have agreed to explore opportunities to optimis the mutual benefit from the project, including emission credit marketing and provision of professional services to the project by ENMAX.
- A senior ENMAX representative will be nominated as a director of NaiKun Wind Energy Group Inc. at NaiKun's Annual General Meeting on March 30th.
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