Finavera Renewables Inc. has received approval from the TSX Venture Exchange regarding the consolidation of its issued common shares on the basis of 10 old shares for one new share. The consolidation was approved by shareholders in September 2010.
Effective immediately, the company's common shares will begin trading on the exchange on a consolidated basis. The company's trading symbol, FVR, will not change. On a post-consolidated basis, there will be approximately 30 million common shares issued and outstanding. The company also announced that it has changed its name to Finavera Wind Energy Inc.
‘We have carried out this share consolidation in order to improve the attractiveness of our shares to a broader range of institutional and retail investors,’ says Jason Bak, CEO of Finavera.
The new committee on uniform security identification procedures number for the company's post-consolidation common shares is 31771W101. Registered shareholders will receive a letter of transmittal to exchange their original common shares for post-consolidation common shares. Beneficial shareholders will have their accounts automatically adjusted.
SOURCE: Finavera Renewables Inc.