Finavera Announces Non-Brokered Private Placement

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Vancouver, British Columbia-based Finavera Renewables Inc. plans to raise C$700,000 through a non-brokered private placement of 14 million units at a price of C$0.05 per unit. Each unit consists of one common share and one full share purchase warrant, with each full warrant exercisable at C$0.10 for 12 months from the date of closing the private placement.

The company has received commitments from all of Finavera's directors and one officer for a total of C$175,000 of the placing.

Proceeds of the placement will be used for the continued development of Finavera Renewables' wind energy projects and for general working capital.

SOURCE: Finavera Renewables Inc.

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