For Immediate Release
Vancouver. B.C., May 8, 2019 – NaiKun Wind Energy Group Inc. (TSX-V: NKW) (“NaiKun” or the “Company”) announces that it intends to make an application to the TSX Venture Exchange (the “TSX- V”) to amend the exercise price of 3,651,308 common share purchase warrants (the “Warrants”) issued to subscribers as part of the Company’s non-brokered private placement (the “Private Placement”) of units of the Company (“Units”) which closed on September 7, 2016. Units that were issued pursuant to the Private Placement consisted of one common share of the Company and one-half of one Warrant, with each whole Warrant entitling the holder to purchase an additional common share until September 7, 2019 at an exercise price of $0.15. The Company intends to amend the exercise price of the Warrants from $0.15 to $0.10. All other terms of the Warrants remain the same.
Re-pricing of the Warrants remains subject to the approval of the TSX-V.
NaiKun is a British Columbia-based renewable energy company. Located on B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world, NaiKun’s 396MW offshore wind project would generate enough energy to provide electricity to 130,000 B.C. homes. If the project does proceed it is expected to result in an estimated 500 jobs during construction, 50 permanent jobs for maintenance and operations and over $400 million in direct expenditures in the province during construction, of which $250 million will benefit North Coast communities.
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. The use of any of the words “intend”, “expect”, “estimate”, “will”, “may” and similar expressions and statements are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information concerning: the intention to reprice the Warrants; the Company’s 396MW offshore wind project generating enough energy to provide electricity to 130,000 B.C. homes; job estimates for the project; and estimated direct expenditures for the project. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material facts and assumptions include, but are not limited to: obtaining approval of the TSX-V with respect to the re-pricing of the Warrants; obtaining receipt of all required regulatory approvals or approvals from various governments and First Nation bodies with respect to the project; and the Company proceeding with and successfully completing the project on parameters as delineated by the Company’s management.
Many factors, both known and unknown, could cause actual results to be materially different from the results that are or may be expressed or implied by such forward-looking information contained in this press release. Such factors include, without limitation, the following risks: may not receive TSX-V approval for the re-pricing of the Warrants; may not receive regulatory approval or approval from various government and First Nation bodies at all or on terms acceptable to the Company; may be undue delays in completing the project; may be labour shortages; estimated costs for the project may be underestimated, making the project uneconomic; environmental risks; project, once completed, may not operate on the parameters currently contemplated by management. The Company cautions the reader that the above list of risk factors is not exhaustive.
The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
For more information on NaiKun, please visit www.naikun.ca.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O’Connor, President & CEO
NaiKun Wind Energy Group Inc.
Tel: 604-631-4483 • Fax: 604-685-4215