Calgary, Alberta / TheNewswire / August 8, 2017 - P Squared Renewables Inc. (TSXV: PSQ.P) (“P Squared”) is pleased to announce that trading will resume in its common shares on the TSX Venture Exchange at opening of market on Tuesday, August 8, 2017.

P Squared also announces that it has put in place a secured $225,000 “Bridge Loan” facility with Borealis GeoPower Inc. (“Borealis”).  Amounts shall be advanced periodically by P Squared under the Bridge Loan on an as needed basis, and used by Borealis primarily to fund its current exploration activities on its two geothermal projects, and expenses to be incurred in connection with the proposed transaction between P Squared and Borealis.  The provision of the Bridge Loan facility by P Squared to Borealis has been accepted by the TSX Venture Exchange.

P Squared entered into a letter of intent with Borealis and its shareholders that sets out the basic terms and conditions pursuant to which it is intended that P Squared and Borealis will complete a business combination (the “Proposed Transaction”). The Proposed Transaction is intended to be the Qualifying Transaction of P Squared pursuant to the Policies of the TSX Venture Exchange.  Please refer to P Squared’s news release dated July 5, 2017 for further information regarding Borealis and the Proposed Transaction.  

Subject to TSXV approval, and as a condition of the Proposed Transaction, P Squared intends to conduct a private placement of common shares for minimum proceeds of $5 million and a maximum of $10 million (the "Financing").  Further details of this Financing will be provided in due course.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and, if applicable, pursuant to the requirements of the TSXV, majority of the minority shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information regarding the Proposed Transaction, please contact:

Shabir Premji, Executive Chair, P Squared Renewables Inc.
Telephone: (403) 870-1841
Email: spremji@p2renewables.com

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES