July 12, 2017
P Squared Renewables Inc. (TSXV: PSQ.P) announced that it has entered into a binding term sheet with Canadian geothermal developer Borealis GeoPower Inc. and the shareholders of Borealis which sets out the material terms and conditions pursuant to which the parties have agreed to complete a transaction that will result in Borealis becoming a wholly owned subsidiary of P Squared. The Transaction is to be the Qualifying Transaction of P Squared pursuant to Policy 2.4 of the TSX Venture Exchange. The Term Sheet was negotiated at arm’s length and is effective as of July 1, 2017.
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