By Devika Patel
Knoxville, Tenn., April 17 - Finavera Renewables Inc. completed a C$1.25 million non-brokered private placement of units, which priced for C$2 million on Feb. 4.
Finavera sold 6.25 million units at C$0.20 apiece. The company planned to sell 10 million units. Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$0.25 for two years.
Proceeds will be used for development and general working capital.
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 half-share warrant
|
| Amount: | C$1.25 million
|
| Units: | 6.25 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 4
|
| Settlement date: | April 17
|
| Stock symbol: | TSX Venture: FVR
|
| Stock price: | C$0.24 at close Feb. 1
|
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