Finavera Wind Energy Inc. has announced the closing of the private placement announced earlier this month. Approximately 4.5 million flow-through shares have been placed at C$0.94 per share for gross proceeds of approximately C$4.3 million.
The offering was led by NCP Northland Capital Partners Inc., in a syndicate that includes Versant Partners Inc. Macquarie Private Wealth Inc. also participated in the placement as a special selling group member.
At the option of the agents, exercisable until April 14, the offering may be increased by up to an additional C$750,000 with up to 797,873 additional flow-through shares, on the same terms and conditions.
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 will enter the application-review stage shortly.
SOURCE: Finavera Wind Energy Inc.