Greenbriar Capital Corp $6 million private placement
NEWPORT BEACH, CA, Dec. 12, 2013 /PRNewswire/ - Greenbriar Capital Corp. (TSX.V: GRB) (OTC: GEBRF) is pleased to announce that it has initiated a non-brokered private placement of 2,500,000 units (the "Units") at a price of $2.50 per Unit. Each Unit is comprised of one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share in the capital of the Company at a price of $3.00 per whole warrant for a period of 24 months from the date the Warrants are issued.
In addition, the Company may pay a finder's fee comprised of a cash commission equal to 6% of the proceeds invested by certain investors and 6% finder's warrants (the "Finder's Warrants") entitling the finder to acquire common shares in the capital of the Company at a price of $3.00 per share for a period of 24 months from the date that the Finder's Warrants are issued. The Warrants and Finder's Warrants will not be listed for trading. The placement will occur in tranches of between $250,000 to $2,000,000.
Use of the funds will be to complete all of the remaining development milestones needed for financial close for both the 80 MW Blue Mountain Utah wind energy facility and the 100 MW Puerto Rico solar facility, new accretive power acquisitions, acquire additional land holdings and repayment to Alterra Power Corp. of the $1,250,000 PPA acquisition facility of which $250,000 has already been repaid.
About Greenbriar Capital Corp.
Greenbriar Capital Corp. is a leading developer of renewable energy and sustainable real estate projects. With long-term, high impact, contracted sales agreements in key project locations and led by a successful industry recognized operating and development team, Greenbriar targets deep value assets directed at adding significant accretive shareholder value.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President, Chief Executive Officer and Director
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.
Certain statements in this press release constitute "forward-looking statements" under applicable securities laws, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "intends", "projects", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Such factors include, but are not limited to the state of the Company's business activities and various factors discussed in the Company's annual report filed with securities regulators in Canada. Forward-looking statements are based on current expectations and the Company assumes no obligation to update such information to reflect later events or developments, except as required by law.
SOURCE Greenbriar Capital Corp.