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Toronto-based Water Capital Inc. has completed the acquisition of all issued and outstanding shares of Schneider Power Inc. The acquisition represents the completion of Water Capital's arms-length qualifying transaction pursuant to the policies of the TSX Venture Exchange Inc. Water Capital will be a Tier 2 issuer whose shares will be listed for trading on the exchange with the symbol TSXV:SNE.

Concurrently with the completion of the qualifying transaction, Schneider Power completed an offering of 5,380,000 units (C$2,690,000) at a price of C$0.50 per unit. Each unit consists of one offering share and one-half warrant. Each whole warrant entitles the holder thereof to purchase one common share of the resulting issuer at a price of C$0.60 at any time within two years following the completion of the qualifying transaction.

Immediately following the qualifying transaction, the board of directors of Schneider Power shall be comprised of the following six individuals: Bernd Schneider, Thomas Schneider, Jonathan Lundy, Ralf Krueger, Richard Boxer and Timothy Gallagher.

SOURCE: Schneider Power Inc.


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