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Finavera Renewables Begins Trading on the TSX Venture Exchange
Finavera Renewables Begins Trading on the TSX Venture Exchange.
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nTrading in renewable energy company commences January 4th, 2007\n\n\nVANCOUVER, BRITISH COLUMBIA & DUBLIN, IRELAND, January 4 /CNW/ - Finavera\nRenewables Inc. (TSX VENTURE:FVR) (the 'Company' or 'Finavera Renewables'), a\ncompany focused on wind and wave energy development, announces commencement of\ntrading on the TSX Venture Exchange (TSX-V) from the market open on January 4,\n2007.\n\n\nThe listing was achieved via the reverse take over (RTO) of Cascade\nMinerals Inc. (Cascade), a TSX-V listed company. The RTO, which constituted\nthe Company's Qualifying Transaction with the TSX-V, values the Company at\napproximately CAD $35 million.\n\n\nJason Bak, CEO comments, \"This listing provides Finavera Renewables with\na platform for growth as we continue to raise capital and advance our\nrenewable energy projects and our wave energy technology. It gives investors\nthe opportunity to actively participate in a company dedicated to developing\nrenewable energy generation, the fastest growing energy sector in the world.\nWe are also proud to present investors an opportunity to be involved in the\nonly company listed on a North American exchange that is commercialising a\nwave energy technology.\"\n\n\nDetails of Qualifying Transaction\n\n\nThe Qualifying Transaction was effected pursuant to the terms of an\nArrangement Agreement dated November 8, 2006 between Cascade, Finavera\nRenewables Limited (a privately-held Irish company) and its wholly-owned\nsubsidiary, Finavera Energy Canada Inc. The transaction involved an\narrangement whereby Cascade was amalgamated with Finavera Energy Canada Inc.,\nwith the former shareholders of Cascade Minerals receiving one common share of\nthe Company for each one share held and the former shareholders of Finavera\nRenewables Limited receiving 5.6608 common shares of the Company for each one\nshare held. A total of 105,703,660 new common shares of the Company will be\nissued to former shareholders of Finavera; 81,954,508 of which will be subject\nto a Value Security Escrow Agreement and released over a 36-month period.\n\n\nConcurrent Private Placement\n\n\nConcurrent with listing, the Company completed a private placement\nannounced on June 15, 2006. The placement consists of a total of 7,514,336\nflow-through shares with a purchase price of $0.20 per share. The placing\nagent, Dundee S...