By Devika Patel
Knoxville, Tenn., Dec. 20 - Finavera Renewables Inc. raised C$1.01 million in the second and final tranche of a non-brokered private placement of units, bringing the total deal size to C$2.11 million.
The deal priced for up to C$2 million on Dec. 7, and the company raised C$1.1 million in the first tranche on Dec. 17.
In this tranche, Finavera issued 10.05 million units. It sold 11 million units in the first tranche and 21.05 million units total.
The company planned to sell up to 20 million units at C$0.10 apiece. Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.15 for one year.
Based in Vancouver, B.C., Finavera develops projects and technology in the clean renewable energy sector.
| Issuer: | Finavera Renewables Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,105,000
|
| Units: | 21.05 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 7
|
| Settlement dates: | Dec. 17 (for C$1.1 million), Dec. 19 (for C$1,005,000)
|
| Stock symbol: | TSX Venture: FVR
|
| Stock price: | C$0.135 at close Dec. 7
|
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