VANCOUVER, BC – Swift Power Corp. (“Swift Power” or the “Company”) is pleased to announce that a subsidiary of Fort Chicago Energy Partners L.P. (“Fort Chicago”) has exercised 1,200,000 warrants at $0.35 each for gross proceeds of $420,000. The Company’s common shares issued to Fort Chicago are subject to a statutory hold period expiring on June 27, 2010. Fort Chicago is a publicly traded limited partnership based in Calgary, Alberta that subscribed for a $350,000 unit offering in February 2010.
The net proceeds of the warrant exercise will be used by the Company for expenditures on its projects and for general working capital purposes.
Swift Power’s president and CEO Alexi Zawadzki commented that, “by exercising its warrants early, Fort Chicago has demonstrated support for Swift’s strategic plan to develop run-of-river hydroelectric projects, including the 20 MW Dasque Cluster which was recently awarded an Electricity Purchase Agreement in the BC Hydro Clean Power Call.”
Swift Power Corp. is a Vancouver, BC based development-stage, independent, run-of-river hydroelectric power company. Swift Power’s business is to develop renewable power projects in BC and potentially in other provinces of Canada and internationally. Swift Power has rights to nine water licence applications filed with the BC government regarding several sites on various creeks in BC. Additional information about Swift Power is available on the Company’s website at www.swiftpower.ca.
For further information please contact:
Swift Power Corp.
Alexi Zawadzki
President and CEO
Tel: 604-637-6393
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