VANCOUVER, June 18, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera') (TSX-V: FVR) is pleased to announce the results of its Annual General and Special Shareholder Meeting on June 14, 2013.
Shareholders voted in favour of all items of business. A total of 9,480,551 or 23.91% of the issued common shares as of the record date for the meeting were voted, as follows:
Regarding the Asset Sale Resolution authorizing the sale the Company's interest in the Tumbler Ridge Wind Energy Project and the Meikle Wind Energy Project to Pattern Renewable Holdings Canada ULC, shareholders voted 9,385,001 shares or 98.99% in favour of the transaction, meeting the required hurdle of 66.67% of shareholders voting at the meeting to approve the transaction.
Regarding the election of directors:
|Director||Votes by Ballot in Favour||Votes by Ballot Withheld|
|Tom Anderson||7,287,351 (76.9%)||2,193,200 (23.1%)|
|Jason Bak||7,155,961 (75.5%)||2,324,590 (21.5%)|
|David Lamont||7,254,351 (76.5%)||2,226,200 (23.5%)|
|Hein Poulus||7,253,551 (76.5%)||2,227,000 (23.5%)|
Shareholders also voted 99.63% in favour of setting the number of Directors at four, voted 75.68% in favour of the Company's Stock Option Plan and voted 99.92% for the appointment of KPMG LLP as auditors of the Company.
Jason Bak, CEO stated, "Shareholders have voted overwhelmingly in support of the Directors and the transaction to sell two of our wind projects to Pattern Energy. We are completely aligned with Pattern Energy to progress these projects to operation and will continue to provide Pattern with ongoing support in order to facilitate the key milestone of construction financing."
Bak continues, "Finavera will be in the enviable position of being debt free with cash reserves in a market with a number of cash starved opportunities. We have embarked on a review of various revenue generating acquisitions with exceptional growth potential and will continue our process for the next 2 to 6 months. After completion of the review we anticipate going to shareholders for the approval of an acquisition, a special cash dividend or potentially both."
On behalf of the Board,
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing wind farms in North America and Ireland. Our mission is to create and operate a diversified portfolio of wind projects while protecting and enhancing the physical and social environment. In British Columbia, Canada, four projects totaling 300 MW have been awarded 25 year AAA-rated Electricity Purchase Agreements and one has received full environmental approval and permitting for construction. In Ireland, the Company has signed a partnership agreement with SSE plc for development of the 105MW Cloosh Valley Wind Project, which is expected to begin construction in 2013. Finavera is continuing to opportunistically review prospects for growth and the enhancement of shareholder value.
About Pattern Energy Group (www.patternenergy.com)
Pattern Energy Group LP is an independent, fully-integrated energy company that develops, constructs, owns, and operates renewable energy and transmission assets in the United States, Canada and Latin America. With a long history in wind energy, Pattern's highly-experienced team of scientists, engineers, construction experts, and legal and financial professionals has developed, financed and placed into operation nearly 3,000 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the Company's dedication to work closely with landowners and communities to create premier renewable energy projects. Pattern currently operates approximately 1,000 MW of installed wind energy capacity in North America and Puerto Rico. The Company's full development pipeline exceeds 3,000 MW of renewable energy and transmission projects. Pattern has offices in San Francisco, San Diego, Houston, New York, and Toronto.
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
+1 (604) 288-9051