Westbridge Renewable announces capital return of $0.10 per share

CALGARY, AB, May 29, 2024 /PRNewswire/ – Westbridge renewable energy company (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) (“Westbridge”, “Westbridge Renewable” or the “Company”) is pleased to announce that the Board of Directors today authorized a cash distribution to the company’s common stockholders 0.10 CAD per share.

Stefano RomaninCEO West Bridgenoted: “We think this is the right thing to do West Bridge should be made given the completion of the divestment of the Georgetown Solar Project and is intended to reward shareholders for their unwavering support of the Company since its inception.”

The distribution will be payable in Canadian dollars to shareholders of record on Friday, June 7, 2024 and will be paid on or about the date Friday, June 21, 2024.

The distribution will be classified as a return of capital. The tax consequences of a capital distribution for a particular shareholder are fact-dependent and shareholders are encouraged to seek independent advice on the implications of a capital distribution for their tax position.

About Westbridge Renewable Energy

Westbridge Renewable Energy Corp. initiates, develops and monetizes best-in-class utility-scale solar projects. The company has a portfolio of projects in four key jurisdictions, CanadaUSA, UK and Europe. West Bridge plans to deliver attractive, long-term returns by initiating, executing and developing an international portfolio of renewable assets for investors and utilities. The management team has extensive experience in over 40 projects around the world, obtaining and executing permits on budget. As one of the few publicly traded Canadian solar development companies, West Bridge provides its investors with valuable access to greenfield solar projects. This means that the Company can invest at the earliest stage of solar energy development, taking advantage of the full value chain, as well as the expected wider use of renewable energy in the future. West Bridge brings together regulators, corporate buyers and landowners to deliver clean, sustainable electricity to end users.

On behalf of the Board

Scott Kelly
Director and Executive Chairman
(email protected)
+1 416 998-4714

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.

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of Canadian securities laws. Forward-looking information can typically be identified by the use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “budget”, “may”, “estimates”, “expects”. “, “forecasts”, “projects” and similar expressions and the negative of such expressions. Forward-looking information contained in this press release includes statements regarding: distributions of cash to the Company’s shareholders.

In connection with the forward-looking information contained in this press release, Westbridge Renewable and its subsidiaries have made numerous assumptions regarding, among others: the Company is not insolvent and the distribution of cash to stockholders will not result in the Company’s insolvency; and the timing and payment of cash distributions, as well as the tax treatment cash distribution. While Westbridge Renewable believes these assumptions are reasonable, they are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors that may cause Westbridge Renewable’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, but are not limited to: the distribution of cash may not be made to stockholders as currently contemplated, the tax treatment of the distribution may be challenged by the Canada Revenue Agency, and the tax consequences of the distribution may differ from those currently anticipated by Westbridge Renewable.

A more complete discussion of the risks and uncertainties facing Westbridge Renewable can be found in Westbridge Renewable’s continuing disclosure filings with Canadian securities regulatory authorities at www.sedarplus.ca. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and Westbridge Renewable disclaims any obligation to revise or update such forward-looking information or to publicly announce the results of any changes to any forward-looking information contained herein. to reflect future results, events or changes, except as required by law.

SOURCE Westbridge Energy Corporation