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Message: Finavera Renewables Closes $500,000 Private Placement
| April 28, 2009 |
| Finavera Renewables Closes $500,000 Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2009) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) is pleased to announce it has closed the $500,000 non-brokered private placement announced April 24, 2009, subject to final TSX approval. The private placement consists of 10,000,000 units at a price of $0.05 per unit. Each unit consists of one common share and one-half of a share purchase warrant, with each full warrant exercisable at $0.10 for 12 months from the date of closing of the private placement. CEO Jason Bak said, "The ongoing support of current and new investors in these turbulent markets allows us to move confidently through this next phase of our development. As we move towards a decision in the BC Hydro Clean Power Call we are confident investors will continue to support us and the vision we have to provide clean, renewable electricity from our diverse portfolio of wind projects." Proceeds of the placement will be used for the continued development of Finavera Renewables' wind energy projects and for general working capital. Jason Bak, CEO About Finavera Renewables Inc. (www.finavera.com) Finavera Renewables Inc. is dedicated to the development of renewable energy resources and technologies. The Company's objective is to become a major renewable and green energy producer by developing and operating its assets in the wind sector. Finavera Renewables is developing wind energy projects in Canada and Ireland. In British Columbia, Canada, projects totaling 293 MW have been bid into the 2008 BC Hydro Clean Power Call. In Alberta, one 75 MW project is being developed. In Ireland, two pre-construction wind projects are under development with a potential capacity of 175MW. Data collection and environmental studies have been continuing at a number of sites in both countries. |
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