Vancouver, B.C. – October 20, 2016 – NaiKun Wind Energy Group (TSX-V: NKW) (the “Company”) held its Annual General and Special Meeting in Vancouver, British Columbia on October 7, 2016.
With over 26 million shares of the Company voted, the results put before the Company’s shareholders include:
- Election of Board of Directors: Philip Hughes, Joseph Houssian, David Rehn, Arthur Willms and Michael O’Connor were re-elected to the Board of Directors.
- Re-Appointment of Auditors: KPMG LLP, Chartered Accountants, were re-appointed as auditors of the Company.
- Amendment to Articles for Change of Name: A special resolution was passed which authorized the amendment to the Articles of the Company providing that any potential change of name of the Company be approved by the Board of Directors of the Company in its sole discretion.
- Amendment to Articles for Increase of Authorized Common Shares: A special resolution was passed authorizing an amendment to the Company’s notice of articles and articles to increase the number of authorized common shares from 100,000,000 common shares to an unlimited number of common shares without par value.
- 10% Rolling Stock Option Plan: The shareholders approved the adoption of a 10% Rolling Stock Option Plan.
- Issuance of Options to Insiders: The shareholders approved the issuance of 300,000 options to Mr. Lang and 150,000 options to Mr. O’Connor. Both option grants are issued as of October 7, 2016 at a price of $0.10 per share and expire on October 7, 2026. The options shall vest as at 25% immediately and 25% every quarter for the next three quarter.
Philip Hughes, Chairman of Naikun, was very pleased to advise shareholders that attended the annual general and special meeting, “We have successfully raised over $1m with the completion of the private placement and sale of crown mining grants. Our primary objective is to pursue a PPA for the project’s first phase as the projected demand for electricity in the North West continues to develop.”
The Company further announces the quarterly issuance of shares to the Company’s directors. In connection with the compensation to members of the Board, as announced in a news release of January 14, 2016, the Company has issued a total of 116,424 common shares to its directors for the quarter ended September 30, 2016. All shares were issued at the closing share price for Friday, September 30, 2016 of $0.085.
NaiKun Wind is a British Columbia-based renewable energy company. Located on B.C.’s northwest coast, where the wind resource is one of the strongest and most consistent in the world, NaiKun Wind’s offshore wind project would generate enough energy to provide electricity to 130,000 B.C. homes. When the project does proceed it is expected to result in an estimated 500 jobs during construction, 50 permanent jobs for maintenance and operations and over $400 million in direct expenditures in the province during construction, of which $250 million will benefit North Coast communities.
The NaiKun Wind project is at an advanced stage of development with environmental approvals from the Provincial and Federal Governments and agreements in place with key suppliers and First Nations. Given its development status, construction can begin within two years of the award of an electricity purchase agreement. For more information on NaiKun Wind, please visit www.naikun.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O’Connor, President & CEO
Tel: 604-639-8460 • Fax: 604-685-4215