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Press release from CNW Group

Finavera Wind Energy Announces $5,000,000 Flow-Through Financing

Monday, March 07, 2011

Finavera Wind Energy Announces $5,000,000 Flow-Through Financing20:16 EST Monday, March 07, 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/VANCOUVER, March 7 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSXV: FVR) announces that at its discretion it is proposing to complete a brokered private placement to sell up to $5,000,000 of flow-through shares in the Company (the "Offering"). The Offering will be priced in the context of the market. The Offering is led by NCP Northland Capital Partners Inc., in a syndicate that includes Versant Partners Inc. (collectively the "Agents"). Macquarie Private Wealth Inc. is also participating in the placement as a "special selling group member". Any shares issued in conjunction with the Offering will be subject to a four month hold period.The Agents will receive a commission of 7% of gross proceeds of the Offering, and options equal to 7% of the flow-through shares sold in connection with the offering. The options will be exercisable for two years following the closing date, at a price equal to the Offering price. At the option of the Agents, the Offering may be increased by 15% on the same terms and conditions.The net 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 will enter the Application Review stage shortly. The Company's expenditures on the projects will qualify as "Canadian exploration expenses" ("CEE") under the Income Tax Act (Canada) and will be renounced to investors for the 2011 taxation year. Completion of the Financing is subject to certain conditions, including the approval of the TSX Venture Exchange.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, CEOAbout 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."For further information: Finavera Wind Energy Myke Clark SVP Business Development Finavera Wind Energy (604)-288-9051 mclark@finavera.comInvestor Relations Spyros Karellas Pinnacle Capital Markets (416)-800-8921 (416) 433-5696 spyros@pinnaclecapitalmarkets.ca