QUÉBEC CITY, March 7, 2012 /CNW Telbec/ - Innoventé Inc. (TSX VENTURE:IGE) is pleased to announce the closing of its debt financing in the amount of $8,500,000 announced on November 25, 2011.
The financing is provided by Investissement Québec ("IQ") ($2,500,000), the National Bank of Canada ($3,000,000) and the Caisse Desjardins de La Nouvelle-Beauce ($3,000,000).
The Corporation issued non-transferable warrants to IQ in consideration of the loan made by IQ in its favor. These warrants entitle IQ to acquire 588,236 common shares of Innoventé at the price of $0.85 per share for a period of 36 months, in proportion to the disbursements that will be made by IQ. Considering that a first disbursement in the amount of $1,250,000 has been made by IQ on March 7, 2012 and that a second disbursement shall be made before December 31, 2012, 294,118 warrants may be exercised during a period of 36 months following the first disbursement and 294,118 warrants may be exercised during a period of 36 months following the second disbursement. The warrants issued in the context of the financing will be subject to a 4-month and one day restricted period, expiring on July 7, 2012 for the warrants issued concurrently with the first disbursement by IQ.
The net proceeds of this debt financing will also be used by the Corporation for (i) completing the construction of its Saint-Patrice-de-Beaurivage cogeneration plant, (ii) the development of new projects, and (iii) general corporate purposes.
Innoventé (TSX VENTURE:IGE) 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 the 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.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Innoventé Inc. to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
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.
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