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Oceanic Wind Announces Issuance of Shares for Service and General Update

by ahnationtalk on July 16, 202023 Views

July 15, 2020

Vancouver, B.C. – Oceanic Wind Energy Inc. (TSX-V: NKW) (the “Company” or “Oceanic Wind”) today announced the quarterly issuance of shares to the Company’s directors.

In connection with the board resolution to reduce the compensation of directors, as announced in a news release of January 14, 2016, the Company has issued a total of 154,019 common shares to its directors for the quarter ended June 30, 2020. All shares were issued at the closing share price for Tuesday, June 30, 2020 of $0.07.

Oceanic Wind is a British Columbia-based renewable energy company who has been developing an offshore wind project located off B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world.

At the Company’s most recent AGM and Special Meeting, the shareholders authorized the change of the Company’s name from NaiKun Wind Energy Group Inc. to Oceanic Wind Energy Inc. This change took effect May 28, 2020.

As previously announced, Oceanic Wind has entered into an agreement to sell the project to Northland Power Inc. (“Northland”), a global developer, owner and operator of sustainable infrastructure assets with expertise and capacity to advance the wind energy project to the next level of development. Upon successful completion of the transaction, Northland will be solely responsible for the development of project.

Under the terms of the sale, Oceanic Wind will receive: 1) upon project financial close, a payment based on the size of the developed project which represents a recovery of a portion of Naikun Wind’s prior development costs; 2) upon the project becoming operational, payments consisting of an annual cash distribution from the project after the operating costs and specified return on equity have been recovered by Northland; and 3) upon reaching project financial close, an option to purchase up to a 10% interest in the project. These terms are subject to the project being awarded a power purchase agreement (or equivalent) in the foreseeable future. Oceanic Wind cautions that there is no assurance that a power purchase agreement can be attained in the foreseeable future, however it is the Company’s opinion that the project is more likely to proceed under Northland’s management given their status and experience as a large Canadian developer, owner and operator of like projects.

For further information please contact:
Michael O’Connor, President & CEO
Tel: 604-631-4483 • Fax: 604-685-4215
Email: info@naikun.ca

NT4

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