The TSX Venture Exchange has accepted Vancouver, British Columbia-based Finavera Renewables Inc.'s proposal to issue shares to settle an outstanding debt of approximately C$1 million. The shares will be issued in semi-monthly allotments over the term of the debt settlement agreement, which runs until May 8, 2010.
About 20 million shares at a deemed price of C$0.05 have been authorized to be issued to settle the debt. The amount of shares issued will be determined by the 10-day trading average in advance of the monthly conversion dates during the term of the debt settlement agreement, according to the company.
SOURCE: Finavera Renewables Inc.