Acquisition of Pacific Green Energy Parks Ltd. and Energy Park Sutton Bridge Limited

12 Months Ended

Mar. 31, 2015

Acquisition of Pacific Green Energy Parks Ltd. and Energy Park Sutton Bridge Limited [Abstract]

Acquisition of Pacific Green Energy Parks Ltd. and Energy Park Sutton Bridge Limited

3. Acquisition of Pacific Green Energy Parks Ltd. and Energy Park Sutton Bridge Limited

On May 15, 2013, the Company entered into a stock purchase agreement with all the shareholders of PGEP. PGEP is the sole shareholder of EPSB. PGEP is developing a biomass power plant facility which EPSB holds an option to purchase the property upon which the facility will be built.

Pursuant to the stock purchase agreement, the Company agreed to acquire 100% of the issued and outstanding shares of common stock of PGEP from the shareholders in exchange for:

i. a payment of $100 upon execution of the stock purchase agreement (paid);

ii. $14,000,000 paid in shares of common stock of the Company at a deemed price at the lower of $4.00 per share or the average closing price per share of its capital stock in the ten trading days immediately preceding the date of closing of the stock purchase agreement (issued);

iii. $3,000,000 payable in shares of common stock of the Company at a deemed price at the lower of $4.00 per share or the average closing price per share of its capital stock in the ten trading days immediately preceding the date upon which PGEP either purchases the property or secures a lease permitting PGEP to operate the facility on the property, which has not yet occurred; and

iv. subject to leasing or purchasing the property and PGEP securing sufficient financing for the construction of the facility, $33,000,000 payable in shares of common stock of the Company at a deemed price at the lower of $4.00 per share or the average closing price per share of its common stock in the ten trading days immediately preceding the date that PGEP secures sufficient financing for the construction of the facility, which has not yet occurred.

On May 15, 2013, pursuant to the stock purchase agreement, the Company issued 3,500,000 shares of common stock with a fair value of $4.00 per share, to the former shareholders of PGEP. At the date of acquisition, the fair values of the assets and liabilities of PGEP and its wholly owned subsidiary EPSB consisted of the following:

	$
Cash		16,263
Intangible assets		18,397,016
Accounts payable and accrued liabilities		(61,128	)
Due to related parties		(3,691,430	)
Loan payable		(660,721	)
Fair value of shares issued		14,000,000