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Finavera Renewables amends terms of convertible debenture
Finavera Renewables amends terms of convertible debenture
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nNov. 24, 2009 (Canada NewsWire Group) -- VANCOUVER, Nov. 24 /CNW/ -- Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) has signed an amendment to the convertible debenture with Trafalgar Capital Specialized Investment Fund, FIS ('Trafalgar') that was announced on April 17, 2008.Under the original agreement, conversion of the debt into shares was subject to a minimum price of $0.15 per share. This provision of the agreement has been amended to a minimum price of $0.05 per share. Conversions are based on a 10 day trading average for each monthly payment. The change in the terms of this agreement will help the Company better manage its cash resources moving forward.Finavera Renewables drew down $2,000,000 of the convertible debenture on signing the original agreement on April 17, 2008. A further $8,000,000 was available to be drawn down using either convertible or non-convertible structures as negotiated by Finavera Renewables and Trafalgar; however, none of that further amount has been drawn down.This amendment is subject to final exchange approval.Jason Bak, CEOAbout 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 Ireland, one advanced stage project totaling 105 MW is under development. Data collection and environmental studies have been continuing at a number of other sites in both countries.This news release does not constitute an offer to sell or a solicitation of an offer to sell any 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. This press release contains \"forward-looking information\" that is based...