Feb 8 (Reuters) - Pinnacle Renewable Energy Inc PL.TO :
* PINNACLE RENEWABLE ENERGY TO BE ACQUIRED BY DRAX GROUP
* BOARD UNANIMOUSLY RECOMMENDS SHAREHOLDERS VOTE IN FAVOUR OF TRANSACTION
* TRANSACTION PROVIDES IMMEDIATE LIQUIDITY AND CERTAINTY OF VALUE
* UNDER ARRANGEMENT AGREEMENT, PINNACLE HAS AGREED TO SUSPEND DECLARATION OF ITS DIVIDENDS ON PINNACLE SHARES FOR Q1 OF 2021
* HAS AGREED TO PAY DRAX A TERMINATION FEE OF C$12,500,000
* PINNACLE RENEWABLE ENERGY -SHAREHOLDERS, INCLUDING ONCAP,HOLDING 36% OF OUTSTANDING PINNACLE SHARES ENTERED INTO SUPPORT AGREEMENTS IN FAVOUR OF DEAL
* DRAX HAS AGREED TO PAY CO REVERSE TERMINATION FEE OF C$25 MILLION IF ARRANGEMENT AGREEMENT IS TERMINATED IN CERTAIN CIRCUMSTANCES
* TRANSACTION IS EXPECTED TO CLOSE IN Q2 OR Q3 OF 2021
* DRAX HAS ALSO AGREED TO MAKE AN EXPENSE REIMBURSEMENT PAYMENT TO PINNACLE OF C$5,000,000
* TRANSACTION IS NOT SUBJECT TO A FINANCING CONDITION