The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Finavera Wind Energy Announces Changes to Board of Directors and $450,000 Private Placement

Wednesday, December 14, 2011

Finavera Wind Energy Announces Changes to Board of Directors and $450,000 Private Placement20:19 EST Wednesday, December 14, 2011VANCOUVER, Dec. 14, 2011 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSXV: FVR) announces that Mr. Thomas Anderson has joined the Company's Board of Directors. Mr. Anderson has over thirty years direct executive experience involved in running companies in the natural resource, forestry, property development, leisure, entertainment and advertising sectors. He has focused on risk management, corporate finance and portfolio diversification. He has a degree in Commerce and Economics and a Masters of Business Administration from the University College Dublin. Mr. Anderson is Non-executive Chairman of Circle Oil PLC and is a director of Terrabiogen Corporation.Finavera also announces that Ms. Olga Ilich has resigned from the Company's Board of Directors. Ms. Ilich has resigned in order to focus on other business opportunities. The Company would like to thank Ms. Ilich for her dedication and direction during her time with Finavera Wind Energy and wishes her the best of luck in the future.In conjunction with the changes to the Board of Directors, Finavera announces plans to raise up to $450,000 through a non-brokered private placement of 1,000,000 units at a price of $0.45 per unit. Each unit consists of one common share and one half share purchase warrant, with each full warrant exercisable at $0.55 for 12 months from the date of closing of the private placement. Proceeds of the placement will be used for general working capital. The private placement is subject to TSX Venture Exchange approval.Jason Bak, CEOAbout Finavera Wind Energy Inc. ( 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 Myke Clark SVP Business Development Finavera Wind Energy (604)-288-9051 Investor Relations Spyros Karellas Pinnacle Capital Markets (416) 800-8921 (416) 433-5696