Finavera Renewables Extinguishes Convertible Debt

Vancouver, British Columbia-based Finavera Renewables Inc. has fully extinguished a convertible debenture, originally issued for C$2 million in April 2008. The company issued shares in tranches according to an amended agreement with the debenture holder first announced in November 2009.

Approximately 17.7 million shares were issued in semi-monthly allotments between January and May of this year. In December 2009, the company reported convertible debt of C$1.2 million on its balance sheet. This debt and accrued interest was fully paid by the issuance of shares.

SOURCE: Finavera Renewables Inc. Â

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