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Vancouver, British Columbia-based energy company NaiKun Wind Group has expanded its relationship with north coast First Nations communities. As a first step in concluding arrangements for transmission corridors, NaiKun and two First Nations communities have agreed on terms of access and economic and financial benefits.

The agreements include the issuance by NaiKun of 1 million warrants to purchase common shares for a two-year term at a price of $2.66.

NaiKun is proposing offshore wind projects in Hecate Strait in northwest British Columbia. It is a five-phase, 1,750 MW wind project. The phase-one, 320 MW project is currently under development for submission in BC Hydro's 2008 Clean Energy Call.

"NaiKun is delighted to have concluded these two new agreements, building upon our working relationship with First Nations communities," says Michael C. Burns, chairman of NaiKun. "They recognize the long term economic opportunities and environmental benefits of offshore wind energy for the north coast."

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