NaiKun Wind Energy Group Inc. has closed the sale of 10,000,000 shares to Joseph Houssian, the Company’s Director.
The 10,000,000 units were issued at a price of $0.07 per unit for gross proceeds of $700,000 with each unit consisting of one common share of the Company and 0.75 common share purchase warrant (each whole warrant). Each whole warrant will entitle Mr. Houssian, the holder, to acquire a common share at the exercise price of $0.10 per share until July 14, 2019.
NaiKun intends to use the net proceeds from the Offering for general corporate purposes, including working capital, to further the development of the Haida Energy Field Project. All securities issued in connection with the Private Placement are subject to a prescribed four month hold and restricted trading period pursuant to applicable securities laws ending on November 15, 2014.
Pursuant to the Private Placement, Mr. Houssian, a director of NaiKun, acquired ownership and control of 10,000,000 Shares of the Company at a price of $0.07 per Share, which are subject to the prescribed four month hold and restricted trading period. Together with securities previously acquired by Mr. Houssian, Mr. Houssian holds 10,301,250 common shares of the Company representing approximately 19.44% of the issued and outstanding Shares of NaiKun.
The Company has been advised that Mr. Houssian acquired the Shares for investment purposes and may acquire additional Shares or could dispose of Shares as he sees fit, subject to applicable securities trading and disclosure rules and regulations. A copy of the Early Warning Report will be filed with the applicable securities regulators in respect of the above acquisition and will be available at www.sedar.com under NaiKun’s SEDAR profile.
Mr. Houssian will work with the Company’s board of directors , Mike O’Connor (Chief Executive Officer of the Company), and the Company’s officers, employees, consultants, suppliers (including Siemens), and staff to complete the project. Mr. Houssian will provide considerable experience, resources and time to develop the Haida Energy Field Project; the first offshore wind project in Canada. He will provide his services at no cost to the Company.
Mr. Houssian has extensive experience in business development, growth, and operations. Mr. Houssian founded Intrawest Corporation (“Intrawest”), a global developer and operator of luxury mountain, golf, and beach resorts. Intrawest’s operations and ancillary businesses included Abercombie & Kent, which operates in 100 countries. When sold in 2006, Intrawest employed 25,000 people with annual revenues over $1.5 billion. Currently, Mr. Houssian is Chairman and founder of Intracorp Development, an urban real estate development company and Elemental Energy Inc., a renewable energy development and operating company. He has also served on the boards of Versacold Corporation, Lions Gate Entertainment Corp and BC Hydro.
NaiKun has also announced that at its annual general and special meeting the shareholders re-elected Philip Hughes, Michael C. Burns, Joseph Houssian, Michael O’Connor and David Rehn to the Board of Directors and re-appointed KPMG LLP, Chartered Accountants as auditors of the Company.