VANCOUVER, April 18 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSXV: FVR) is pleased to announce that further to its press release
dated March 29, 2011, it has issued an additional 425,532 flow-through
shares under the terms of the over-allotment option (the
"Over-Allotment"). The shares were issued at a price of $0.94 per share
for additional gross proceeds of $400,000. Total gross proceeds raised
by the Company increased to $4,703,583. The offering was led by NCP
Northland Capital Partners Inc., in a syndicate that included Versant
Partners Inc. (collectively the "Agents"). Macquarie Private Wealth
Inc. also participated in the placement as a "special selling group
In connection with the closing of the shares issued under the
Over-Allotment, the Agents received a cash commission of 7% of gross
proceeds and compensation options entitling the Agents to purchase
29,787 common shares of the company. The compensation options are
exercisable at a price of $0.94 per share until April 18, 2013. All
securities issued in connection with the exercise of the Over-Allotment
option are subject to a hold period which expires on August 19, 2011.
The proceeds from the sale of flow-through shares will be used for the
continued development of the Company's portfolio of wind projects in
British Columbia. The portfolio includes the 77 megawatt ("MW")
Wildmare, 47 MW Tumbler Ridge, 117 MW Meikle, and 60 MW Bullmoose Wind
Energy Projects which all have 25 year Electricity Purchase Agreements
with BC Hydro. The Wildmare and Tumbler Ridge projects have also
recently passed the screening stage of the British Columbia
Environmental Assessment process and are currently in the Application
The Company's expenditures on the projects will qualify as "Canadian
Renewable and Conservation Expenses" ("CRCE"), which qualify as
Canadian Exploration Expenses ("CEE") under the Income Tax Act (Canada)
and will be renounced to investors for the 2011 taxation year. The TSX
Venture Exchange granted conditional approval to close the offering on
March 25, 2011.
This press release, as required by applicable Canadian laws, is not for
distribution to U.S. news services or for dissemination in the United
States, and does not constitute an offer of the securities described
herein. These securities have not been registered under the United
States Securities Act of 1933, as amended, or any state securities
laws, and may not be offered or sold in the United States or to U.S.
persons unless registered or exempt therefrom.
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 Scottish and
Southern Renewables for the 105 MW Cloosh Valley Wind Project. Data
collection and environmental studies have 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."
SOURCE Finavera Wind Energy Inc.
For further information:
Finavera Wind Energy
SVP Business Development
Finavera Wind Energy
Pinnacle Capital Markets