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NKW Oceanic Wind loses $300,000 in fiscal 2021


Canada StockWatch  

 

    Oceanic Wind Energy Inc (TSX-V:NKW)

    Shares Issued 78,937,212

    Last Close NKW.H 1/25/2022 $0.08

    Thursday January 27 2022 - News Release

    Mr. Michael O'Connor reports

    OCEANIC WIND RELEASES YEAR-END FINANCIAL RESULTS

    Oceanic Wind Energy Inc. has released its financial results for the year ended Sept. 30, 2021. Oceanic is aminority owner of a Limited Partnership that holds the development rights to an offshore wind projectlocated in Hecate Strait off the coast of British Columbia, Canada (the "Project"). Northland Power Inc. (TSX:NPI) ("Northland"), a global developer, owner and operator of sustainable infrastructure assets isresponsible for all aspects of the Project's development.

    Upon Development of the project, Oceanic has the right to receive the following:

    • upon the project reaching its financial close, as defined in the Agreements, a payment based on the size of the developed project ($67,500 per installed megawatt ("MW") to a maximum of $33,750,000);
    • upon the project becoming operational, future payments consisting of 35% of annual cash distributions from the project after the operating costs and a specified return on equity have been recovered by Northland; and
    • subject to financial close of the project, an option to purchase up to a 10% interest in Northland's interest in their project.

    An overview of Oceanic's year-end results includes:

    • As at September 30, 2021, Oceanic had $238,303 in cash and cash equivalents, compared to $51,820 at September, 30 2020.
    • For the fiscal year ended September 30, 2021, Oceanic incurred a net loss of $0.3 million ($0.00 per share), compared to $.56 million ($0.01 per share) for the year ended September 30, 2020.

    The wind project is the only project of significant utility scale in the region and with the remarkable advancesin offshore wind development, the project is competitive to help meet the long-term electricity needs ofBritish Columbia. With Northland as the developer, the need for renewable energy to power BC's future, andthe strong support from the federal government to reduce GHG to support Climate Change commitments,Oceanic remains optimistic the project will be developed.

    We seek Safe Harbor.

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