Finavera Renewables Inc. (the “Company) (TSX-V : FVR) is pleased to announce that it has entered into an agreement to sell up to 28,571,500 Units on a “best efforts agency basis at a price of $0.35 per Unit, for gross proceeds of approximately $10,000,000 (the “Offering). The Offering is led by Dundee Securities Corporation (the “Agent). Each Unit is comprised of one common share and one purchase warrant (“Warrant). Each Warrant is exercisable for one additional common share of the Company at a price of $0.55 per share for a period of 24 months from closing. Any securities issued under this private placement will be subject to applicable resale restrictions. The Agent will receive: a commission of 8% of the gross proceeds of the Offering placed by the Agent payable in cash and Agent's Options equal in number to 8% of the aggregate Units placed by the Agent in the Offering, which shall entitle the Agent to purchase one Unit of the Company for a period of two years from closing at $0.35 per Unit.
A finder's fee may be payable on the Units not placed by the Agent.
The Offering remains subject to regulatory acceptance.
Proceeds of the placement will be used to advance the Company's wind and wave energy projects, the development and deployment of the patented ˜AquaBuOY' wave energy device and for general corporate purposes.
On behalf of the Board of Directors,
Jason Bak
CEO, Finavera Renewables Inc.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 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. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy and accuracy of this release.