Tonbridge Power Inc. Announces Intent to Issue Common Shares for Director Compensation Under Shareholder Approved Compensation P
20 August 2010 - 10:09AM
PR Newswire (Canada)
TORONTO, Aug. 19 /CNW/ -- TORONTO, Aug. 19 /CNW/ - Tonbridge Power
Inc. (TSXV-TBZ), ("Tonbridge Power" or the "Company"), 100%
controlling shareholder of the Montana Alberta Tie Ltd. ("MATL")
transmission line project to interconnect the electricity markets
of Alberta and the US through a 300 MW transmission line, announces
that it will issue common shares (subject to TSX-V regulatory
approval), to its 8 Directors and 1 Advisor to the Board
("Directors") of Tonbridge as payment for Director's fees earned
between July 1, 2009 and June 30, 2010. Directors earn an annual
stipend as well as meeting fees. The amount of common shares issued
is calculated based upon the closing trading value on the day prior
to public announcement. These fees are earned according to the
stock option plan approved at the June 24 2010 Annual General
Meeting. As of August 19, 2010 the total of Director's fees earned
during the last twelve months for nine persons totaling
$310,322.15. The tax portion of the directors' fees will be
directly remitted to the Canada Revenue Agency. Tonbridge intends
to issue 119,049 shares, calculated at $2.07 per share in order to
extinguish the net after-tax balance of this compensation debt.
Tonbridge Power Inc. is a Toronto-based investor in power projects,
whose principle asset is the 100% controlling interest in Montana
Alberta Tie Ltd. Shares of Tonbridge became publicly listed on the
TSX Venture Exchange on July 7, 2005 and are traded under the
symbol "TBZ". Should you wish to receive company news via email
please email info@tonbridgepower.com and specify "company news".
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. %SEDAR: 00020056E Tonbridge Power Inc.,
www.tonbridgepower.com, Johan van't Hof, Chief Executive Officer,
Tel: (416) 850-2150, Email: jvanthof@tonbridgepower.com; Robert
McFarlane, Chief Business Officer, Tel: (416) 850-2150, Email:
rmcfarlane@tonbridgepower.com; Brisco Capital Partners Corp.,
Graeme A. Dick, Tel: (403) 561-8989, Email:
graeme@briscocapital.com
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