British Columbia-based wind energy developer Finavera Wind Energy Inc. says it has arranged an C$850,000 bridge loan.
The loan has a one-year term with an annual interest rate of 7%. A total of 2 million share-purchase warrants will be issued to the lender, with each warrant exercisable at C$0.18 for 12 months from the date of the loan's closing.
Proceeds of the loan will be used primarily for general working capital and ongoing wind project development. This bridge financing will provide the company with sufficient working capital to progress to a strategic transaction, Finavera says.
The bridge loan is subject to TSX Venture Exchange approval.