SYNEX INTERNATIONAL INC BARR CREEK HYDRO PROJECT - UPDATE
May 04 2011 - 1:32PM
PR Newswire (Canada)
VANCOUVER, May 4 /CNW/ -- TSX : SXI VANCOUVER, May 4 /CNW/ - The
Barr Creek Limited Partnership ("BCLP") and its general partner,
Barr Creek Hydro Ltd. ("BCHL") are developing the Barr Creek Hydro
Project (the "Project"). The Project is a 4.4 MW hydroelectric
plant to be located near the Village of Tahsis on Vancouver Island,
British Columbia. BCLP and BCHL will own, construct and operate the
Project. The limited partners in BCLP are Synex Energy Resources
Ltd. ("SERL"), a wholly owned subsidiary of Synex International
Inc., and the Ehatteshat Tribe ("EFN"). SERL holds 80% of the units
of BCLP and shares of BCHL and EFN holds 20% of the units and
shares of BCLP and BCHL, respectively. A Credit Agreement has been
executed between the Canadian Western Bank, BCLP, BCHL, SERL and
EFN. The Credit Agreement provides for construction and longer term
financing in the maximum amount of $9.1 million for the Project,
subject to the terms and conditions included in the Credit
Agreement. Concurrently, BCLP has entered into a contract for the
supply and installation of the penstock with Hazelwood Construction
Services Ltd. Work is also proceeding on the supply of the
turbine/generator and the construction of the powerhouse
substructure. The projected date for substantial completion of the
Project is November 2011. Synex International Inc. is a public
company, trading on the TSX since 1987, with business interests
that cover the development, ownership and operation of electrical
generation facilities and the provision of consulting engineering
services in water resources, particularly hydroelectric facilities.
"signed" ______________________________________ Greg Sunell,
President To view this news release in HTML formatting, please use
the following URL:
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400 - 1444 Alberni Street, Vancouver B C V6G 2Z4br/ Phone (604) 688
8271 Ext. 309 Fax (604) 688 1286br/ E-mail: a
href="mailto:gsunell@synex.com"gsunell@synex.com/a Web Site: a
href="http://www.synex.com/"www.synex.com//a /p
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