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Stocks in play: Westbridge Renewable Energy Corporation
Announced that it has closed the sale of its 75% owned, Special Area 2, Alberta solar power plant project with a capacity of up to 332MWp, to a subsidiary of METLEN Energy & Metals as announced on June 1st, 2023 and June 5th, 2023. The Transaction was completed by way of the sale of all the issued and outstanding shares of Sunnynook Solar Energy Inc. Westbridge satisfied the conditions for the Transaction, including regulatory approvals from the Alberta Utilities Commission for the construction, operation, and interconnection of the Project to the Alberta Interconnected Electric System, and for the TSX Venture Exchange. The Company received C$41,440,385 at closing of the Transaction. METLEN paid approximately 3% of the estimated base purchase price at signing and 92% of the estimated purchase price was paid at closing. The balance of the purchase price is expected to be paid when the Project reaches commercial operations. In connection with closing of the Transaction, Westbridge repaid in full C$18,405,650 from the proceeds of the Transaction, owing under its loan facilities secured by the Project and the shares of Sunnynook, provided by certain lending entities established by Leyline Renewable Capital, LLC, and the security registered in respect thereof has been discharged. Westbridge Renewable Energy Corporation shares V.WEB are trading up 9 cents at $0.89.
