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Finavera Renewables Inc. Announces $10,000,000 Private Placement
Finavera Renewables Inc. Announces $10,000,000 Private Placement.
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, BRITISH COLUMBIA, February 7 /CNW/ - Finavera Renewables Inc.\n(the \"Company\") (TSX-V : FVR) is pleased to announce that it has entered into\nan agreement to sell up to 28,571,500 Units on a \"best efforts\" agency basis\nat a price of $0.35 per Unit, for gross proceeds of approximately $10,000,000\n(the \"Offering\"). The Offering is led by Dundee Securities Corporation (the\n\"Agent\"). Each Unit is comprised of one common share and one purchase warrant\n(\"Warrant\"). Each Warrant is exercisable for one additional common share of\nthe Company at a price of $0.55 per share for a period of 24 months from\nclosing. Any securities issued under this private placement will be subject to\napplicable resale restrictions. The Agent will receive: a commission of 8% of\nthe gross proceeds of the Offering placed by the Agent payable in cash and\nAgent's Options equal in number to 8% of the aggregate Units placed by the\nAgent in the Offering, which shall entitle the Agent to purchase one Unit of\nthe Company for a period of two years from closing at $0.35 per Unit.\n\n\nA finder's fee may be payable on the Units not placed by the Agent.\n\n\nThe Offering remains subject to regulatory acceptance.\n\n\nProceeds of the placement will be used to advance the Company's wind and\nwave energy projects, the development and deployment of the patented\n'AquaBuOY' wave energy device and for general corporate purposes.\n\n\nOn behalf of the Board of Directors,\n\n\nJason Bak\n\n\nCEO, Finavera Renewables Inc.\n\n\nThis news release does not constitute an offer to sell or a solicitation\nof an offer to buy any of the securities in the United States. The securities\nhave not been and will not be registered under the United States Securities\nAct of 1933, as amended (the \"U.S. Securities Act\") or any state securities\nlaws and may not be offered or sold within the United States or to U.S.\nPersons unless registered under the U.S. Securities Act and applicable state\nsecurities laws or an exemption from such registration is available.\nStatements in this news release, other than purely historical information,\nincluding statements relating to the Company's future plans and objectives or\nexpected results, constitute Forward-looking statements. Such statements are\nbased on numerous assumptions and are subject to all the risks and\n...