VANCOUVER, March 12, 2012 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSX-V: FVR) today announced it has received final TSX Venture Exchange approval for the $200,000 convertible promissory note (the "Note") announced February 24, 2012. The Note will accrue interest at a rate of 12% per year, all of which will be payable on demand in cash or common shares of the Company, at the Lender's option. If conversion occurs, the shares will be issued at a price equal to the 20-day volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange prior to the date of conversion, subject to a minimum conversion price of 44 cents.
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.
Proceeds of the loan will be used for general working capital.
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 States.
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."
For further information:
Finavera Wind Energy
SVP Business Development
Finavera Wind Energy