Uniterre Announces Proposed Financing

NAW Staff, Wednesday 21 June 2006 - 01:00:00

Michael H. Altman, president of Uniterre Resources Ltd., recently announced that NaiKun Wind Development Ltd., a subsidiary of Uniterre, has engaged Northern Securities Inc. to act as its lead agent to raise up to C$5 million through the sale of common shares and flow-through shares of NaiKun.

NaiKun is the developer of the NaiKun Wind Farm, which is a five-phase 1,750-MW project proposed for the waters of Hecate Strait between Haida Gwaii (the Queen Charlotte Islands) and the British Columbia mainland near Prince Rupert.

Construction of the first phase of the project, which is anticipated to be 320 MW in size, is expected to commence in 2009 subject to, among other things, concurrence of the Haida Power Authority.

"To date, Uniterre has funded all of NaiKun's activities," says Altman. "This offering would provide additional financial capacity to complete NaiKun's environmental and technical studies and preparation of its power purchase agreement proposal to BC Hydro."



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