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Beothuk Energy Inc. (BEI) has announced that it has entered into a Letter of Intent (LOI) to merge with Canadian Imperial Venture Corp. (CIVC).

Under the terms, CIVC will issue one common share for every issued and outstanding share of BEI, up to a maximum of sixty-two million common shares. BEI has been developing an offshore wind power project in St. George’s Bay, western Newfoundland and Labrador (NL). Its plans include building facilities for the manufacturing of wind turbine gravity based structures at the Port of Corner Brook, NL and a wind farm service port at Port Harmon in Stephenville, NL. BEI’s proposed 180MW offshore wind farm will be located in an area of the Gulf of St. Lawrence. BEI estimates that the clean green energy produced will cost less than ten cents per kilowatt-hour.

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