Finavera Renewables Inc. plans to raise $500,000 through a non-brokered private placement of 10 million units at a price of $0.05 per unit. Each unit consists of one common share and one-half of a share purchase warrant, with each full warrant exercisable at $0.10 for 12 months from the date of closing of the private placement.
Proceeds of the placement will be used for the continued development of Finavera Renewables' wind energy projects and for general working capital.
The private placement is subject to TSX Venture Exchange approval.
SOURCE: Finavera Renewables Inc.