"Our Company is advancing wind power projects in several Canadian provinces. Our 62.1 Megawatt Glen Dhu project in Nova Scotia will begin generating a third of the project by the end of this year and be fully commissioned in March 2011. We are aggressively developing wind projects in Alberta, Saskatchewan and Atlantic Canada, and expect to be expanding our generation capacity to meet our internal targets of a total of 400 MW by 2015. We will be attracting financial partnerships to attain these goals. As we move forward, guided by CHF Investor Relations, we will prevail upon the investment and financial communities across Canada to turn their attention to Shear Wind Inc.," commented Mike Magnus, President & CEO of Shear Wind Inc.
Subject to TSX Venture Exchange approval, the services agreement for investor relations and market-making is for a term of twelve months, subject to a successful performance review of the first six months of service. Under the terms of the services agreement, CHF will receive $7,500 per month in fees and reimbursement of expenses. CHF has been granted a total of 750,000 options exercisable in stages being 250,000 at $0.50, 250,000 at $0.75 and 250,000 at $1.50 per share. The options vest in equal amount at the rate of 25% per quarter beginning on March 15, 2011, and have a 2-year term, expiring on December 15, 2012. Further, upon termination of the contract, CHF will have 30 days to exercise any vested options.
It has been agreed that CHF will initiate a Market Liquidity Program ("MLP") more commonly referred to as market-making, through its Calgary office. Mike Wheatley and Gary MacKenzie, directors of Shear Wind, have agreed to loan capital in the form of 100,000 common shares of Shear Wind each, for the purposes of market-making. The MLP will be undertaken by CHF through a registered broker, Mackie Research Corporation, in compliance with the guidelines set out in Policy 3.4 of the TSX Venture Exchange Corporate Finance Manual.
Prior to the grant of options outlined above, CHF had no direct or indirect interest in Shear Wind nor its securities.
CHF’s effective role is acting as the public company’s outsourced, low-cost equivalent to an internal investor relations department. CHF serves an international portfolio of TSX/TSX Venture and CNSX listed companies, and others that may seek to list on North American Exchanges that operate in a broad range of industries including renewable energy and industrial services, mining exploration and producers, oil & gas, biotech, high-tech, business solutions and products, and niche financial products. The depth of capital market experience is formidable dating back to the late 1970’s.
Founded in 2005, Shear Wind Inc. is headquartered in Halifax, Nova Scotia, and is engaged in the exploration and development of renewable wind energy properties in Canada. Shear Wind is focused on building a strong company based on a secure and sustainable supply of clean wind energy. Shear Wind is committed to building shareholder value governed by environmental stewardship.
Inveravante Inversiones Universales, S.L., an international corporation based in Spain, indirectly owns 62% of Shear Wind on a fully-diluted basis through Genera Avante Holdings Canada Inc., following its investment in Shear Wind in November 2009. The most advanced project is the Glen Dhu wind power project which is presently on track to begin commissioning turbines in December 2010 and to be fully operational by March 2011.