CALGARY,
AB, Feb. 4, 2025 /CNW/ - Kiwetinohk Energy
Corp. (TSX: KEC) ("Kiwetinohk" or the "Company") today announced
proceeds and closing of a $21 million
sale of its proposed 101-MW Opal natural gas-fired power project to
Bitdeer Technologies Group (NASDAQ: BTDR) ("Bitdeer").
Located near the Town of Fox Creek,
Alberta, the Opal natural gas-fired project site is fully
permitted and licensed, and in Stage 5 of the Alberta Electric
System Operator review process.
"This transaction marks a successful outcome for our project and
shareholders, demonstrating our ability to develop high-quality
power assets. As demand for reliable and scalable energy continues
to grow, our power strategy is well-positioned to support these
needs," said Fareen Sunderji,
President, Power Division.
Bitdeer will acquire all Opal assets, material contracts,
leases, and permits relating to the project. Bitdeer is
headquartered in Singapore and is
a technology company for blockchain and computing with data centers
in the United States, Norway, and Bhutan.
Kiwetinohk will apply the sale proceeds to reduce debt. In our
Power division, we remain focused on the sale and financing efforts
for the most advanced projects within our development
portfolio.
About Kiwetinohk
Kiwetinohk produces natural gas, natural gas liquids, oil and
condensate and is a developer of renewable and natural gas power
projects, and early stage carbon capture and storage opportunities,
in Alberta.
Kiwetinohk's common shares trade on the Toronto Stock Exchange
under the symbol KEC. Additional details are available within the
year-end documents available on Kiwetinohk's website at
kiwetinohk.com and SEDAR+ at www.sedarplus.ca.
Forward looking information
Certain information set forth in this news release contains
forward-looking information and statements including, without
limitation, management's business strategy, management's assessment
of future plans and operations. Such forward-looking statements or
information are provided for the purpose of providing information
about management's current expectations and plans relating to the
future. Forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "project", "potential", "may" or
similar words suggesting future outcomes or statements regarding
future performance and outlook. Readers are cautioned that
assumptions used in the preparation of such information may prove
to be incorrect. Events or circumstances may cause actual results
to differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties and other factors, many of
which are beyond the control of the Company.
In particular, this news release contains forward-looking
statements pertaining to the following:
- the expected attributes and performance of the Opal gas-fired
power project;
- the Company's expected use of proceeds from the transaction;
and
- the Company's expectations regarding power expenditures in
2025.
In addition to other factors and assumptions that may be
identified in this news release, assumptions have been made
regarding, among other things: Kiwetinohk's business and business
strategy and general business, economic and market conditions.
Readers are cautioned that the foregoing list is not exhaustive of
all factors and assumptions that have been used. Although the
Company believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements as the
Company can give no assurance that such expectations will prove to
be correct. Forward-looking statements or information involve a
number of risks and uncertainties that could cause actual results
to differ materially from those anticipated by the Company and
described in the forward-looking statements or information. These
risks and uncertainties include, but are not limited to, the risk
factors described in greater detail in the Company's annual
information form for the year ended December
31, 2023.
The forward-looking statements and information contained in this
news release speak only as of the date of this news release and the
Company undertakes no obligation to publicly update or revise any
forward-looking statements or information, except as expressly
required by applicable securities laws.
For more information on Kiwetinohk, please
contact:
Investor Relations
Investor Relations email: IR@kiwetinohk.com
Investor Relations phone: (587) 392-4395
Pat Carlson, Chief Executive Officer
Jakub Brogowski, Chief Financial
Officer
SOURCE Kiwetinohk Energy
