Power Group Online Article |  | |
27 March 2007—Vancouver, British Columbia-based Keewatin Windpower Corp. has entered into an agreement with Sky Harvest Windpower Corp., a private Canadian company, which will see Keewatin acquire all of Sky Harvest's issued and outstanding share capital.
Sky Harvest holds the rights to build a 150 MW wind power facility on approximately 8,500 acres in southwestern Saskatchewan. Work is underway to complete the necessary environmental assessment and permitting. Initial discussions are also underway regarding the potential sale of electricity from the wind power facility.
To finance the acquisition, Keewatin has agreed to issue 17.3 million restricted shares of common stock to Sky Harvest shareholders. That equals 1.5 shares of common stock in Keewatin for every common share of Sky Harvest. The acquisition will be subject to Sky Harvest completing an audit of its financial statements, Keewatin changing its name to "Sky Harvest Windpower Corp." and shareholders of both companies approving the acquisition agreement.
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