Finavera Wind Energy Inc. has issued an additional 425,532 flow-through shares under the terms of the over-allotment option. The shares were issued at a price of C$0.94 per share for additional gross proceeds of C$400,000. Total gross proceeds raised by the company have increased to approximately C$4.7 million.
The offering was led by NCP Northland Capital Partners Inc., in a syndicate that included Versant Partners Inc. Macquarie Private Wealth Inc. also participated in the placement as a ‘special selling group member.’
The proceeds from the sale of flow-through shares will be used for the continued development of the company's portfolio of wind projects in British Columbia. The portfolio includes the 77 MW Wildmare, 47 MW Tumbler Ridge, 117 MW Meikle and 60 MW Bullmoose wind projects, which all have 25-year power purchase agreements with BC Hydro. The Wildmare and Tumbler Ridge projects have also recently passed the screening stage of the British Columbia environmental assessment process and are currently in the application-review stage.
SOURCE: Finavera Wind Energy Inc.