QUEBEC CITY, March 23, 2012 /CNW Telbec/ - Innovente inc. (TSX VENTURE:IGE) ("Innoventé" or the "Corporation"), a renewable energy producer, announces today its third quarter results for 2012.
Highlights for the quarter
- On November 25, 2011 and January 10, 2012, the Corporation issued respectively 8,230,273 and 1,000,000 common shares at $0.55 per share as part of a private placement realized in two tranches for total gross proceeds of $5,076,650. Issuance costs of $473,083 were paid in cash. In addition, the Corporation issued 646,119 warrants to the Agent evaluated at $82,250. Each warrant entitles the holder to acquire one common share of Innoventé at $0.85 for a period of thirty-six months following the closing of the Private Placement.
- Innoventé also announced that it has received and accepted formal proposals from Investissement Québec, National Bank of Canada and Caisse Desjardins regarding a debt financing for an aggregate amount of $8,500,000. On March 7, 2012, the Company cashed $1,250,000 from Investissement Québec. This is the first of two planned disbursements. To collect the second disbursement from Investissement Québec and the loans of $6,000,000 from National Bank of Canada and Caisse Desjardins, the Corporation has to satisfy certain lenders' conditions. Subject to the respect of these conditions, the disbursements will be progressive from April to December 2012.
- The Corporation issued 588,236 warrants to Investissement Québec, as per the terms of its $2,500,000 loan financing, of which $1,250,000 has been received so far. Each warrant entitles the holder to acquire one common share at $0.85 per share. Thus, 294,118 warrants may be exercised during a period of thirty-six months following March 7, 2012 and 294,118 additional warrants may be exercised during a period of thirty-six months following the second disbursement, which shall be made before December 31, 2012. The loan, guaranteed by a hypothec on the universality of the Corporation's assets, bears interest at the lender's prime rate plus 7.5% (10.5 % on March 7, 2012). It will be repayable over seven years by eighty-three monthly principal instalments of $30,000 and a last $10,000 principal instalment, subsequent to a moratorium period of thirty-six months on the principal portion of the loan.
| Data from the statement of earnings and comprehensive income
For the periods ended January 31, (in CA$)unaudited
|Quarters ended||Nine-month periods ended|
|Jan. 31, 2012||Jan. 31, 2011||Jan. 31, 2012||Jan. 31, 2011|
|Net loss and comprehensive income||(659,155)||(202,714)||(1,144,273)||(382,139)|
|Basic and fully diluted loss per share||(0.019)||(0.007)||(0.037)||(0.015)|
|Consolidated Statement of financial position data|
|Jan. 31, 2012||April 30, 2011|
|Cash and cash equivalents||2,482,137||2,647,405|
Commenting on the realizations of the quarter, Mr. Richard Painchaud, President and Chief Executive Officer of Innoventé, declared:
" The financing put in place during the third quarter represents a major step for Innoventé. The construction of our 4.6 MW power plant in St. Patrice is progressing very well and this financing will allow us to complete the project in line with the original schedule, i.e. beginning commercial operations in the fall of 2012. "
Additional Information in Regards to the three and nine-month periods ended January 31, 2012
The financial information in regards to the three and nine-month periods ended January 31, 2012 should be read in conjunction with the Corporation's interim financial statements and the Management's Discussion and Analysis dated March 22, 2012. These documents are available at www.sedar.com
Innoventé is an innovative producer of renewable energy. The Company has developed a ground-breaking concept that provides communities with a green and sustainable organic waste management solution. Known as "intelligent electricity," this solution converts organic waste into electricity, heat, and fertilizing products, thereby reducing greenhouse gas emissions. Innoventé's intelligent electricity is a solution designed to improve environmental quality and stimulate economic development - and it can easily be applied in all communities. Innoventé has nearly completed construction of its first intelligent electricity power station, which will serve 6,000 residents in Quebec's Chaudière-Appalaches region. This pioneering power station leads the way for future application of our concept around the world.
Disclaimer in regards to forward-looking statements
Certain statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. The Corporation disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as these terms are defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Innoventé Inc.
For further information:
Mrs. Isabelle Jomphe
418 692-1011 ext 206
Marc Jasmin CMA, President
Jasmin Financial Communications