Finavera Closes Shares for Debt

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[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 8, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the\n 'Company') (TSX-V: FVR) announces that following TSX Venture Exchange approval\n 321,433 shares ('Settlement Shares') have been issued at a price of\n $0.21 to extinguish outstanding debt for $67,501.37.  The shares issued\n are greater than the amount announced on April 3rd, 2013 as additional debt holders were included in the transaction.  The\n Settlement Shares issued to insiders will be subject to a four-month\n hold period from the date on which the shares are issued.\n\n\nJason Bak, CEO states, \"Certain debt holders understand the impact of\n the recently announced transaction for the sale of two of our wind\n energy projects and they agreed to receive shares of the Company in\n lieu of cash.  We continue to look for ways to pay down debt and\n aggressively manage our burn rate as we embark on a fiscally prudent\n review of new opportunities.\"\n\n\nJason Bak, CEO\n\n\nAbout Finavera Wind Energy Inc. (www.finavera.com)\nFinavera Wind Energy is a company focused on developing, constructing\n and operating wind farms in North America and Ireland. Our mission is\n to create and operate a diversified portfolio of wind projects while\n protecting and enhancing the physical and social environment. In\n British Columbia, Canada, four projects totaling 300 MW have been\n awarded 25 year AAA-rated Electricity Purchase Agreements and one has\n received full environmental approval and permitting for construction,\n expected to begin in 2013. In Ireland, the Company has signed a\n partnership agreement with SSE plc for development of the 105MW Cloosh\n Valley Wind Project. Finavera is continuing to opportunistically review\n prospects for growth and the enhancement of shareholder value.\n\n\nStatements in this news release, other than purely historical\n information, including statements relating to the Company's future\n plans and objectives or expected results, constitute Forward-looking\n statements. The words \"would\", \"will\", \"expected\" and \"estimated\" or\n other similar words and phrases are intended to identify\n forward-looking information. Forward-looking information is subject to\n known and unknown risks, uncertainties and other factors that may cause\n the Company's actual results, level...

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