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The Credit Facilities, when finalized and combined with the previously announced US$35 Million prepayment (the "Prepayment") of revenues in respect of a transmission rights agreement, are expected to provide adequate financing proceeds for the remaining construction costs of the Project. The New York based financial institution will act as Mandated Lead Arranger and Bookrunner, Syndication Agent, Administrative Agent, Derivatives Provider, Technical and Documentation Agent and as a Lender for the proposed credit facilities. These facilities are still subject to credit approval and satisfactory completion of due diligence.
The Company believes that the Credit Facilities and the Prepayment are sufficient to fund the completion of the Project. The Company continues to assess its financing requirements.
Drawings on the proposed Credit Facilities and the Prepayment will be available rateably and proportionate after closing of the Credit Facilities ("Closing") and once all permits (including the non-appealable final AEUB permit) are received. The proposed Credit Facilities require a security interest over all the present and future assets of MATL and each subsidiary of MATL and a specific pledge of the shares in MATL and its direct holding companies and security interests relating to the Prepayment will be subordinate to these security interests. In addition, in conjunction with the finalization of definitive documentation and Closing of the Construction Loan Facility, the Company intends to issue share purchase warrants ("Warrants") to the New York based financial institution to acquire common shares of the Company. The Warrants to be issued will be subject to TSX Venture Exchange policies and their issuance will require TSX Venture Exchange approval.
The Company, MATL and the financial institution are discussing and negotiating the terms of the definitive loan documentation. Availability of these proposed Credit Facilities and the Prepayment will be subject to usual and typical conditions precedent, including: credit approval by the New York based financial institution; entering into of definitive loan documents; receipt of all permits; execution of all material contracts; satisfactory independent engineer reports, market consultant reports, due diligence and base case economic models; finalized credit supporter arrangements; approval of qualified off-takers and finalized transmission service rights agreements.
The completion of the proposed Credit Facilities and Prepayment is necessary for the construction of the Project to proceed.
Tonbridge Power Inc. is a Toronto-based developer of electrical transmission assets, whose principle asset is a 100% interest in Montana Alberta Tie Ltd. Shares of the Company are traded on the TSX Venture Exchange under the symbol "TBZ".
Should you wish to receive news on Tonbridge via email, please email info@tonbridgepower.com and specify "company news".
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information", within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of the Company. Forward-looking information includes, but is not limited to, statements with respect to financing arrangements and related matters. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as "proposed", "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "should", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to the financing or construction of the transmission line and the substation; risks related to the performance of parties contracting for transmission capacity; delays in obtaining governmental approvals, permits or project financing or in the completion of development or construction activities, requirements for additional capital, government regulation, environmental risks as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form dated March 31, 2008 for the year ended December 31, 2007, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE: Tonbridge Power Inc.
Tonbridge Power Inc. Johan van't Hof Chief Executive Officer (416) 850-2150 Email: jvanthof@tonbridgecorp.com Tonbridge Power Inc. Robert van Beers Chief Operating Officer (416) 850-2150 Email: rvanbeers@tonbridgecorp.com Website: www.tonbridgepower.com Brisco Capital Partners Corp. Graeme A. Dick, Partner Investor Relations (403) 313-9663 Email: graeme@briscocapital.com
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