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Finavera Renewables Inc. Completes $10,000,025 Private Placement
Finavera Renewables Inc. Completes $10,000,025 Private Placement.
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, BRITISH COLUMBIA, February 19 /CNW/ - Finavera Renewables Inc.\n(the \"Company\") (TSX-V: FVR) is pleased to announce the completion of its\npreviously announced private placement. An aggregate of 28,571,500 Units were\nplaced at a price of $0.35 per Unit, for gross proceeds of $10,000,025. The\nplacement consists primarily of institutional investors.\n\n\nA total of 24,632,000 Units were placed under the brokered placement and\n3,939,500 Units were placed pursuant to the non-brokered component. Each Unit\nis comprised of one common share and one purchase warrant; each warrant is\nexercisable for one additional common share at a price of $0.55 for a period\nof 24 months from closing (\"Unit\"). Securities issued under this private\nplacement are subject to a four month hold period from the date of close.\nCompletion of the placement is subject to final Exchange approvals.\n\n\nDundee Securities Corporation (\"Dundee\") acted as lead underwriter on\nbehalf of a syndicate of underwriters including Jacob & Company Securities\nInc. (collectively, the \"Agents\"). The Agents have received a commission of 8%\nof the gross proceeds of the brokered portion of the placement, payable in\ncash. The Agents have also received Compensation Options representing 8% of\nthe number of Units placed, each of which entitles the holder to acquire one\nadditional Unit at an exercise price of $0.35 per Unit for a period of 24\nmonths from closing. The Agents also received a finder's fee in respect of the\nplacement of 1,500,000 Units under the non-brokered component of the\nplacement. The finder's fee is a commission of 4% of the gross proceeds of the\nplacement of those Units, payable in cash, and Compensation Options\nrepresenting 4% of the number of Units placed, each of which entitles the\nholder to acquire one additional Unit at an exercise price of $0.35 per Unit\nfor a period of 24 months from closing.\n\n\nFinavera Renewables Inc. CEO Jason Bak said, \"These funds will allow us\nto aggressively move forward with the development of our wind and wave energy\nprojects and with the development of our patented 'AquaBuOY' wave energy\ntechnology. The focus of the Company is to leverage this placement by\nincreasing market capitalisation and delivering shareholder value through the\ncompletion of key milestones.\"\n\n\nOn behalf...