Innovente provides corporate update
QUEBEC CITY, Jan. 8, 2013 /CNW Telbec/ - Innovente Inc. (TSXV: IGE) ("Innovente" or the "Company") is pleased to announce that, in the context of its previously announced private placement of common shares (the "Private Placement"), it has received confirmations of subscriptions for an amount of $2,260,149.65. The common shares to be issued as part of the Private Placement will be issued at a price of $0.55 per common share and closing of the Private Placement is scheduled on or about January 10, 2013, subject to customary closing conditions. The Private Placement is conducted by National Bank Financial Inc. acting as agent.
Innovente is also pleased to announce that it is currently in discussions with an instutitional lender regarding a potential debt financing for an aggregate amount of $2,000,000. The net proceeds from such financing, with those of the Private Placement, will be used by Innovente to complete the construction of the Saint-Patrice-de-Beaurivage project, to fund its working capital and for general corporate purposes.
Innovente also wishes to congratulate Mr. Jacques Gauthier, who has served as a director of Innovente since 2011, on his appointment as a member of the National Energy Board. That appointment required Mr. Gauthier to resign from the Board of Directors of the Company. However, despite his resignation from the Board of Directors, Mr. Gauthier has agreed to pursue his mandate in providing support to the project team of the Company in connection with the commercial operation of the Saint-Patrice-de-Beaurivage plant.
This press release shall not constitute an offer to sell or the sollicitation of an offer to buy securities in the United States, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended).
Based in Quebec City, Innovente produces renewable energy and provides communities with a green and sustainable solution for the management of residual organic matter. Innovente stock is listed on the TSX Venture Exchange under the ticker symbol IGE (TSXV: IGE). www.innovente.ca
Disclaimer regarding forward-looking statements
Certain statements included herein, including those that express management's expectations or estimates of the Company's future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management when they are made, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Investors are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or other development.
Neither TSX Venture Exchange nor its Regulation Services Provider (as these terms are defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Innoventé Inc.For further information:
Director of Communications, Innovente
Tel: 418 692-1011 ext. 200