Wind Works – which in its previous guise was junior mining firm AmMex Gold Mining – said it issued 31 million shares of its common stock in exchange for all of Zero Emission People’s outstanding equity interest.
The shares, which are listed on the OTCBB, were worth 51 cents at the close of Jan. 29, the last business day before the closing of the merger on Jan. 31.
The deal gives the Ottawa-based company an interest in 10 wind energy projects totalling 320 megawatts, as well as options to increase the equity interest in the same projects to a total of 355 megawatts.
“With the closing of the Zero Emission People transaction, we will now focus our efforts on advancing our project portfolio in Ontario, the United States and Europe in order to fully maximize shareholder value,” said Ingo Stuckmann, who became CEO of Wind Works in September in addition to his role as head of Zero Emission People, following the initial announcement that the two companies would be entering into a joint venture.
Wind Works now has a total potential development pipeline of 23 wind energy projects totalling 587 megawatts, including Zero Emission People’s advanced-stage Snowy Ridge Wind Park near Napanee and its Grey Highlands project south of Georgian Bay, both of which are 10-megawatt facilities.
The company noted in a filing that Zero Emission People has not yet generated any revenues to date.
