Jade Power Announces Effective Date of Consolidation

TORONTO, Sept. 21, 2021 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to announce that the TSX Venture Exchange (the “TSXV”) has accepted the Trust’s application for its previously announced consolidation of the Trust’s outstanding trust units on the basis of one new trust unit for every 10 existing trust units (the “Consolidation”). The Consolidation will be effective and the trading of the trust units reflecting the Consolidation will commence at the opening of markets on September 23, 2021.

As a result of the Consolidation, the 231,216,256 trust units issued and outstanding prior to the Consolidation will be reduced to approximately 23,121,625 trust units. Each unitholder’s percentage ownership in the Trust and proportional voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any fractional trust units.

The Trust will not be issuing fractional post-Consolidation trust units. Where the Consolidation would otherwise result in a unitholder being entitled to a fractional trust unit, the number of post-Consolidation trust units issued to such unitholder shall be rounded down to the nearest whole number of post-Consolidation trust units.

The board of directors of the Administrator of the Trust, Jade Power Administrator Inc., approved the Consolidation on August 27, 2021. In connection with the Consolidation, the Trust expects to send letters of transmittal to registered holders of its trust units for use in transmitting their existing unit certificates (the “Existing Certificates”) to the Trust’s register and transfer agent, TSX Trust Company, in exchange for new certificates (the “New Certificates”) representing the post-Consolidation trust units to which such unitholder is entitled as a result of the Consolidation. No delivery of a New Certificate to a unitholder will be made until the unitholder has surrendered its Existing Certificates. Until surrendered, each Existing Certificate shall be deemed for all purposes to represent the number of post-Consolidation trust units to which the holder is entitled as a result of the Consolidation.

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About Jade Power

The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Jade Power’s issuer profile at www.sedar.com.

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2020, a copy of which is available on Jade Power’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.