(TheNewswire)
August 28 , 2017 / TheNewswire / Calgary,
Alberta
P Squared Renewables Inc. (TSXV: PSQ.P) ("P Squared") is pleased to provide the
following update regarding the business of Borealis GeoPower Inc. (“Borealis”). P Squared entered into a letter of intent
with Borealis and its shareholders that sets out the basic terms and conditions pursuant to which it is intended that P Squared and
Borealis will complete a business combination (the “Proposed Transaction”). The Proposed Transaction is intended to be the
Qualifying Transaction of P Squared pursuant to the Policies of the TSX Venture Exchange. Please refer to P Squared’s news releases
of July 5, 2017 and August 8, 2017 for further information regarding Borealis and the Proposed Transaction.
Seismic Program
Borealis has initiated its Passive Seismic Reservoir Characterization program at the Canoe Reach
Energy Project, one of the final steps in the pre-drilling evaluation of the Project. Passive seismic is a technique that
uses seismometers to detect subsurface structures including faults and fractures without the use of man-made external stimuli.
This tool has been used since the 1970’s in delineation of the subsurface geothermal structures in Iceland and California,
and is most effective when used in conjunction with the additional exploratory methods exercised by Borealis. “This is a
first for geothermal exploration in Canada” stated Craig Dunn, chief geologist for Borealis, “and represents a milestone in the
development of Canada’s first commercial Geothermal Heat and Power Plant.”
“This is an exciting development for Borealis and P Squared. Canadians have enthusiastically endorsed recent
National and Provincial government initiatives for the domestic development of renewable power sources as important contributors to
the future energy mix. We are pleased to provide public investors a means of participating in Canadian-focused renewable energy
projects such as the Canoe Reach Energy Project ” states Shabir Premji, Executive Chair of P
Squared.
Borealis GeoPower
Borealis is a renewable geothermal energy company with its head office in Calgary, Alberta. Borealis will
access heat from geothermal wells to produce renewable power and heat. Borealis presently has two geothermal energy projects in
British Columbia, both of which are in the exploration stage and are drill bit ready with a high-level confidence for
a multi-phase rollout . These projects have been identified and explored, with active community
engagement, using Borealis’, innovative, non-invasive exploration strategy and
proprietary methodology.
Borealis’ flagship project is the Canoe Reach Energy Project located near Valemount, British Columbia where
Borealis intends to build a 15 MW geothermal power plant. Borealis plans to sell the power to BC Hydro as well as sell power and
heat to local customers. As part of the Canoe Reach Energy Project, Borealis intends to also build "Sustainaville", a geothermal
energized commercial "Geo-Park" that will offer geothermal renewable power and heat alternatives along with the ability to grow a
diversified local economy supporting food, forestry, mining, tourism and community district heating. Borealis’ other project
is the Lakelse Lake Energy Project located near Terrace, British Columbia that is being developed in conjunction with Borealis’s
First Nations partner. Borealis has a 49% interest in this Project. The plans for this Project include a 15 MW power plant
and an associated Geo-Park for Greenhouse operations.
Clean Renewable Energy – Geothermal energy is unique among the alternatives within the renewable
energy spectrum as it may be used as a source of both heat and electricity generation and is reliable, continuous, always-on,
energy, unlike solar and wind. This characteristic facilitates a profile that can replace conventional Base Load
electricity to communities while generating a measurable return to stakeholders over a multi-decade period of time.
Community Engagement – Borealis has advanced the development of its geothermal energy
projects to the drill-bit ready stage with the support and engagement of the local communities and First Nations.
As geothermal energy may be used as a source of both heat and electricity generation, Borealis has devised a staged plan for
the development and commercialization of the Canoe Reach Energy Project, which includes bringing the
benefits of low cost heat and electricity to both residential and commercial users in the village of Valemount through the
"Sustainaville" model . Additionally, Borealis has identified numerous communities in Canada with
potential geothermal resources that could host and benefit from the “Sustainaville” model.
Return on Investment – Geothermal is a carbon free source of renewable energy which provides clear
benefits to the environment as compared to traditional, carbon-based sources of energy. From an economic perspective,
sustained, stable long term cash flow from geothermal electricity projects provides a robust economic basis for their development.
For over 100 years geothermal power projects have generated carbon-free renewable heat and power in 24 countries worldwide
(with potential capacity additions in 82 countries) for millions of people around the world. Geothermal resources have been
actively developed in the United States, with more than 3,500 MW of power being generated in seven States located within the “Ring
of Fire”, a recognized source of geothermal energy. The development of geothermal in Canada remains in the early stages
despite the presence of the “Ring of Fire” through British Columbia.
About P Squared Renewables
P Squared is a Capital Pool Company, that was incorporated under the provisions of the Business Corporations Act (Alberta) on March 10, 2017. P Squared was listed on the TSXV on June 21, 2017 under
the trading symbol “PSQ.P”. It is a capital pool company and intends for the Proposed Transaction to constitute its
"Qualifying Transaction" as such term is defined in the policies of the TSXV.
Geothermal energy is a renewable resource of the future, here today. We invite you to participate in the
clean energy revolution by visiting us to learn more at www.psquaredrenewables.com .
Completion of the Transaction is subject to a number of conditions, including but not limited to,
TSXV acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing
statement to be prepared in connection with the transaction, any information released or received with respect to the transaction
may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be
considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and
has neither approved nor disapproved the contents of this press release.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of
the Proposed Transaction; the business plans of Borealis; future exploration and development plans of Borealis; use of
funds; and the business and operations of the Resulting Issuer after the Proposed Transaction. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those
expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic,
competitive, political and social uncertainties; delay or failure to receive applicable Board, shareholder or regulatory approvals;
and the results of exploration and testing programs. There can be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements. These forward-looking
statements are made as of the date hereof and P Squared disclaims any intent or obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or results or otherwise, except as required by applicable
securities laws.
For further information regarding the Transaction, please contact:
Shabir Premji, Executive Chair, P Squared Renewables
Telephone: (403) 870-1841
Email: spremji@p2renewables.com
Website: www.psquaredrenewables.com
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