Press release from CNW Group
Finavera Closes Shares for Debt
Wednesday, May 08, 2013
Finavera Closes Shares for Debt21:39 EDT Wednesday, May 08, 2013
VANCOUVER, May 8, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR) announces that following TSX Venture Exchange approval 321,433 shares ('Settlement Shares') have been issued at a price of $0.21 to extinguish outstanding debt for $67,501.37. The shares issued are greater than the amount announced on April 3rd, 2013 as additional debt holders were included in the transaction. The Settlement Shares issued to insiders will be subject to a four-month hold period from the date on which the shares are issued.
Jason Bak, CEO states, "Certain debt holders understand the impact of the recently announced transaction for the sale of two of our wind energy projects and they agreed to receive shares of the Company in lieu of cash. We continue to look for ways to pay down debt and aggressively manage our burn rate as we embark on a fiscally prudent review of new opportunities."
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing, constructing and operating wind farms in North America and Ireland. Our mission is to create and operate a diversified portfolio of wind projects while protecting and enhancing the physical and social environment. In British Columbia, Canada, four projects totaling 300 MW have been awarded 25 year AAA-rated Electricity Purchase Agreements and one has received full environmental approval and permitting for construction, expected to begin in 2013. In Ireland, the Company has signed a partnership agreement with SSE plc for development of the 105MW Cloosh Valley Wind Project. Finavera is continuing to opportunistically review prospects for growth and the enhancement of shareholder value.
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
+1 (604) 288-9051