Syntaris Power Corp. is pleased to announce its shareholders overwhelmingly approved the Special Resolution outlined in the companies Information Circular mailed to shareholders. Shareholder approval ratifies the Purchase and Sale Agreement that Syntaris Power Corp. entered into on June 29, 2011 with a Canadian Independent Power Company. This second strategic transaction involved the sale of 18 of the company’s projects.
Shareholder approval allows the final stages of the company’s corporate restructuring to move forward. As previously stated, the objective of the Company’s restructuring plan is to stabilize the finances of the Company, preserve shareholder value and plan for the long term sustainability and future growth of the Company.
This second strategic transaction, approved at the August 12, 2011 shareholder meeting, will now proceed to financial close over the next 30-60 days.