By Susanna Moon
Chicago, April 8 - Finavera Renewables Inc. said it settled a C$600,000 non-brokered private placement and a C$1.5 million development loan announced on March 9.
The private placement consists of 10 million shares at C$0.06 per share. Shares are subject to a four-month hold.
The development loan has a one-year term with a coupon of 12% and is secured against a minority interest in the company's Cloosh Valley wind project until the loan is repaid.
The lender received 7 million share purchase warrants with each warrant exercisable at C$0.10 for 12 months.
Proceeds will be used to provide the required performance security to BC Hydro for the four wind projects awarded electricity purchase agreements in the BC Hydro Clean Power Call.
Based in Vancouver, B.C., Finavera develops projects and technology in the clean renewable energy sector.
| Issuer: | Finavera Renewables Inc.
|
| Issue: | Shares, development loan
|
| Amount: | C$2.1 million
|
| Agent: | Non-brokered
|
| Pricing date: | March 8
|
| Stock symbol: | Canada: FVR
|
| Stock price: | C$0.12 at close on April 7
|
| Market capitalization: | C$14.89 million
|
|
|
| Shares
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| Amount: | C$600,000
|
| Price: | C$0.06
|
|
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| Development loan
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| Amount: | C$1.5 million
|
| Maturity: | One year
|
| Coupon: | 12%
|
| Warrants: | 7 million
|
| Warrant expiration: | 12 months
|
| Warrant strike price: | C$0.10
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