For Immediate Release
Vancouver, B.C. – June 23, 2021 – Oceanic Wind Energy Inc. (“the Company”) announces that effective June 25, 2021 the Company’s shares will begin trading on the NEX Board (“NEX”) of the TSX Venture Exchange (“the Exchange”). The trading symbol will change from NKW to NKW.H.
There will be no change in the Company’s name or CUSIP number and no consolidation of capital. As of June 25, 2021, the Company will be subject to the policies of the NEX as the Company did not fully meet Exchange’s Tier 2 continued listing requirements. This change is the result of the sale of the project development rights (sale of its wholly owned subsidiary, NaiKun Wind Development Inc.) to Northland Power Inc (“Northland”). Even though the Company is now a minority partner in the Limited Partnership that is developing the project, it was determined the Company did not fully meet the Tier 2 listing requirements. The NEX will afford the Company some modest administration savings and will provide a platform for normal trading of the Company’s shares during this period as Northland continues the development of the project.
The Company remains in good standing under applicable corporate law and is a reporting issuer in compliance with/under applicable Securities Laws.
The wind project is the only project of significant utility scale in the region and with the remarkable advances in offshore wind development, the project is both affordable and competitive to help meet the long-term electricity needs of British Columbia. With Northland as the developer, the need for renewable energy to power BC’s future, and the strong support from the federal government to reduce GHG to support Climate Change commitments, Oceanic remains optimistic the project will be developed in the near future.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors, and other uncertainties, and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O’Connor, President & CEO
Oceanic Wind Energy Inc.