Innoventé announces closing of previously announced Private Placement of Common Shares and appointment of interim CFO
QUEBEC CITY, Jan. 10, 2013 /CNW Telbec/ - Innovente Inc. (TSXV: IGE) ("Innovente" or the "Company") is pleased to announce that it has closed its previously announced private placement of common shares (the "Common Shares") at a price of $0.55 per Common Share for total gross proceeds of approximately $2,260,149.65 (the "Private Placement"). The Private Placement was conducted by National Bank Financial Inc. acting as agent (the "Agent").
The net proceeds from 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 has paid the Agent an aggregate agent's commission of $158,210.48 in connection with the Private Placement.
The Common Shares issued as part of the Private Placement are subject to a four-month plus one day statutory resale restriction ending on May 11, 2013.
In addition, Innovente is pleased to announce the appointment of Marjolaine Giasson as interim chief financial officer of the Company to replace Isabelle Jomphe, who, as previously announced, will resign as chief financial officer of the Company effective on January 31, 2013. Ms. Giasson, a Certified Public Accountant, CA, brings over 14 years of accounting and finance experience and has worked in both private practice and industry, including 5 years with a technology company. The Company would like to thank Ms. Jomphe for her service.
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, Innoventé produces renewable energy and provides communities with a green and sustainable solution for the management of residual organic matter. Innoventé 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, Innoventé
Tel: 418 692-1011 ext. 200