Wind Energy America Inc. (WNEA) has announced that it has entered into a Letter of Intent (LOI) to effect a business combination with Boreal Energy Inc.
WNEA intends to purchase substantially all of Boreal's wind energy assets in a tax-free exchange for WNEA common stock. Terms of the LOI provide for WNEA to exchange up to 30 million common shares for Boreal's assets, depending upon their value to be determined through a due diligence process now being undertaken prior to the parties entering into a binding definitive business combination agreement. Boreal is a wind farm developer, owner and operator based in Minnesota which owns or controls significant interests and rights to an extensive "pipeline" of wind energy projects in the upper Great Plains, the Midwest and Canada. The Boreal pipeline of projects includes approximately 60MW in various phases of design or development plus an additional l,200MW being planned for future development.
