Finavera Wind Energy Closes $442,530 Private Placement
VANCOUVER, Dec. 30, 2011
VANCOUVER, Dec. 30, 2011 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSXV: FVR) is pleased to announce it has closed a $442,530 non-brokered private
placement announced on December 14, 2011. The private placement
consists of 983,400 units at a price of $0.45 per share. Each unit
consists of one common share and one half share purchase warrant, with
each full warrant exercisable at $0.55 for 12 months from the date of
closing of the private placement. Shares issued pursuant to this
private placement are subject to a four month hold.
The Company has received final approval from the TSX Venture Exchange
for the private placement. Proceeds of the placement will be used for
general working capital.
Insider participating in the placement: Thomas Anderson.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a wind energy development company focused on
developing, constructing, and operating wind farms in North America and
Ireland. Our mission is to create and operate a viable renewable energy
business while protecting and enhancing the physical and social
environment. In British Columbia, Canada, projects totaling 301 MW have
been awarded 25 year Electricity Purchase Agreements. In Ireland, the
Company has signed a co-development agreement with SSE plc and Coillte
Teoranta (the Irish Forestry Board) for the development and
construction of Ireland's largest wind farm, the 105MW Cloosh Valley
Wind Project. Data collection and environmental studies have also been
continuing at a number of prospective sites in Canada and the United
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. The words "would", "will", "expected" and "estimated" or
other similar words and phrases are intended to identify
forward-looking information. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may cause
the Company's actual results, level of activity, performance or
achievements to be materially different than those expressed or implied
by such forward-looking information. Such factors include, but are not
limited to: uncertainties related to the ability to raise sufficient
capital, changes in economic conditions or financial markets,
litigation, legislative or other judicial, regulatory and political
competitive developments and technological or operational difficulties.
Consequently, actual results may vary materially from those described
in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."