Finavera Wind Energy Inc. has announced the pricing of the brokered financing to sell up to C$5 million of flow-through shares, which will be offered at a price of C$0.94 each.
The offering is led by NCP Northland Capital Partners Inc., in a syndicate that includes Versant Partners Inc. Macquarie Private Wealth Inc. is also participating in the placement as a special selling group member.
At the option of the agents, the offering may be increased by 15% on the same terms and conditions. Any shares issued in conjunction with the offering will be subject to a four-month hold period.
The gross 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.