Vancouver, British Columbia-based Finavera Renewables Inc. plans to raise approximately C$1 million through a non-brokered private placement of 20 million units at a price of C$0.05 per unit. Each unit consists of one common share and one-half of a share-purchase warrant, with each full warrant exercisable at C$0.10 for 12 months from the date of closing of the private placement. The company filed the C$0.05 price reservation with the TSX Venture Exchange Nov. 3.
Proceeds of the placement will be used for the continued development of Finavera Renewables' wind energy projects, primarily for the British Columbia Peace Region projects, and for general working capital.
The private placement is subject to TSX Venture Exchange approval.
Finavera also has applied to extend the term of all 21 million share purchase warrants issued pursuant to the December 2007 private placement. The warrants, exercisable at C$0.15 per share and initially issued for a term of 12 months, have been extended an additional year.
SOURCE: Finavera Renewables