Blue Power Energy Corporation Private Placement Flow-Through Financing.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Blue Power Energy Corporation (the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BLU BLU Blue BLU Bluefish (FAO fish species code) BLU Bigger, Longer, Uncut (South Park Movie) BLU Backlight Unit (LCD) BLU Bomb Live Unit ) is pleased to announce that it has completed a private placement financing under which it issued 8,475,000 flow-through units of the Company (the "Units") at a price of $0.02 per Unit for aggregate gross proceeds of $169,500 (the "Offering"). Each Unit is composed of one common share in the capital of the Company issued on a "flow-through" basis pursuant to the Income Tax Act (Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ) (each, a "Flow-Through Share") and one-third of a common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company (each, a "Warrant Share") at a price of $0.03 per Warrant Share until December 30, 2006. Pursuant to the Offering, Neil Novak, a director and "related party" (as defined in Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. rule 61-501 ("Rule 61-501")) of the Company, purchased 250,000 Units and Norm Brewster, a "related party" of the Company, purchased 1,350,000 Units. As a consequence, the participation of Neil Novak and Norm Brewster in the Offering constitutes a "related party transaction" that is subject to Rule 61-501. As the Offering included a "flow-through" component and, therefore, had to close on or before December 31, 2005, the directors of the Company made the decision to close the Offering on December 30, 2005, which was less than 21 days following date of the initial decision of the board of directors of the Company to proceed with the Offering. The proceeds of the Offering will be used for ongoing exploration activities. The securities issued under the Offering are subject to a four month hold period, until May 1, 2006. Blue Power Energy Corporation (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :BLU) |
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