VANCOUVER, May 10 /CNW/ - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) announces that it has fully extinguished a convertible debenture, originally issued for $2,000,000 in April 2008. The Company issued shares in tranches according to an amended agreement with the debenture holder first announced on November 24, 2009. A total of 17,728,260 shares were issued in semi-monthly allotments between January 26, 2010 and May 8, 2010. At December 31, 2009 the Company reported convertible debt of $1,259,006 on its balance sheet. This debt and accrued interest was fully paid by the issuance of shares.
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables Inc. is dedicated to the development of renewable energy resources and technologies. The Company's objective is to become a major renewable and green energy producer by developing and operating its assets in the wind sector. Finavera Renewables is developing wind energy projects in Canada and Ireland. In British Columbia, Canada, projects totaling 302 MW have been awarded Electricity Purchase Agreements under the Hydro Clean Power Call. In Ireland, one pre-construction wind project is under development with a potential capacity of 105MW. Data collection and environmental studies have been continuing at a number of sites in both countries.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, this release.
SOURCE FINAVERA RENEWABLES INC.
For further information: For further information: Finavera Renewables, Myke Clark, SVP Business Development, Finavera Renewables, (604) 288-9051, email@example.com