Westbridge enters renewable energy sector with flagship Alberta solar project
VANCOUVER, BC / ACCESSWIRE / June 10, 2021 / Westbridge Energy Corporation (TSXV-NEX:WEB.H) ('Westbridge' or the 'Company') is pleased to provide an update with respect to its previously announced proposed business combination (the 'Transaction') with Georgetown Solar Inc. ('Georgetown').
As previously announced, it is intended that the Transaction will result in the reactivation of the Company pursuant to the regulations of the TSX Venture Exchange (the 'TSXV'), and the listing of the common shares of Westbridge on Tier 1 or 2 of the TSXV. In furtherance of the foregoing, the Company is pleased to announce that it has filed a TSXV filing statement dated June 9, 2021 in respect of the Transaction, which is available on SEDAR at www.sedar.com. The Transaction is scheduled to close on or about June 17, 2021.
As previously announced in the press release dated March 9th 2021, the Company, on closing, will be focused on Greenfield Renewable Energy Development and is currently advancing a 110-120MW Solar PV project in Vulcan County Alberta. The Company also previously announced the closing of its oversubscribed best efforts private placement of an aggregate of 32,060,000 subscription receipts to raise aggregate gross proceeds of $4,007,500.
'Westbridge is excited to close the Transaction with Georgetown and provide the market with a unique high return strategy in the renewable energy sector', said Scott Kelly, CEO. 'Westbridge will develop a portfolio of greenfield solar power projects incorporating storage and enabling technologies to provide our investors with significant, scalable risk adjusted returns and liquidity'.
Completion of the Transaction is subject to a number of conditions including, but not limited to, final TSXV approval. The Transaction cannot close until all required regulatory approvals are is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement that has been filed in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative. The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release.
On behalf of the Board of Directors
Westbridge Energy Corporation
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements about the Company's expectations regarding the proposed Transaction of the Company which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include general business, economic, competitive and social uncertainties; and the delay or failure to receive all applicable regulatory approvals, and the proposed timing of completion of the Transaction. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
SOURCE: Westbridge Energy Corporation
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