VANCOUVER, Feb. 24, 2012 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSX-V: FVR) today announced it has secured a $200,000 convertible promissory note
(the "Note"). The Note will accrue interest at a rate of 12% per year,
which will be payable in cash or common shares of the Company, at the
Lenders' option. The conversion price will be the volume weighted
average trading price for the 20 day trading period prior to the
The lender is at arm's length from the company and will not become an
insider as a result of any conversion of principal and interest. All
shares issued on any conversion of Note principal or interest will be
subject to a four-month hold period from the date of advance of Note
Proceeds of the loan will be used for general working capital.
The loan is subject to acceptance by the TSX Venture Exchange.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a wind energy development company focused on
developing, constructing, and operating wind farms in North America and
Ireland. Our mission is to create and operate a viable renewable energy
business while protecting and enhancing the physical and social
environment. In British Columbia, Canada, projects totaling 301 MW have
been awarded 25 year Electricity Purchase Agreements. In Ireland, the
Company has signed a co-development agreement with SSE plc and Coillte
Teoranta (the Irish Forestry Board) for the development and
construction of Ireland's largest wind farm, the 105MW Cloosh Valley
Wind Project. Data collection and environmental studies have also been
continuing at a number of prospective sites in Canada and the United
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.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE Finavera Wind Energy Inc.
For further information:
Finavera Wind Energy
SVP Business Development
Finavera Wind Energy