VANCOUVER, April 8 /CNW/ - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) is pleased to announce it has closed a $600,000 non-brokered private placement and a $1,500,000 development loan announced on March, 9 2010. The private placement consists of 10,000,000 shares at a price of $0.06 per share. Shares issued pursuant to this private placement are subject to a four month hold.
The $1,500,000 development loan has a one year term with an annual interest rate of 12% and is secured against a minority interest in the Company's Cloosh Valley wind project until such time as the loan is repaid. A total of 7,000,000 share purchase warrants have been issued to the lender with each warrant exercisable at $0.10 for 12 months from the date of closing of the loan.
Proceeds of the placement and loan will be used to provide the required performance security to BC Hydro for the four wind projects awarded Electricity Purchase Agreements in the BC Hydro Clean Power Call. Finavera was awarded four Electricity Purchase Agreements totaling 293 megawatts of generating capacity.
The private placement and loan are subject to final TSX Venture Exchange approval.
Private placement Insider: Kevin Anderson (Insider totals 100% of Private Placement).
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 293 MW have been awarded long term Electricity Purchase Agreements with BC Hydro. 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, firstname.lastname@example.org