Finavera provides Update and Issue Shares for Debt
VANCOUVER, April 3, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind Energy', 'Finavera' or the 'Company') (TSX-V: FVR) announces that it is continuing to proceed with the transaction announced with Pattern Renewable Holdings Canada ULC, a subsidiary of Pattern Energy Group LP ('Pattern') on December 20, 2012. Key aspects of the transaction are being finalized and a complete update, along with timing for a shareholder meeting, will be provided shortly.
Finavera is also pleased to announce the appointment of David Emes as VP, Finance and an officer of the Company. Mr. Emes has served as Controller for Finavera since February 2007 and has focused on project financial modeling, financial reporting, corporate compliance and financial analysis. Mr. Emes is a chartered accountant and holds a Bachelor of Management degree from the University of Lethbridge in Alberta.
In addition, Finavera intends to issue 200,955 shares ('Settlement Shares') for the settlement of an aggregate of $42,200 of debt at a price of $0.21 per share. The Transaction is subject to the acceptance of the TSX Venture Exchange. The Settlement Shares issued to insiders will be subject to a four-month hold period from the date on which the shares are issued.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com) Finavera Wind Energy is a company focused on developing, constructing and operating wind farms in North America and Ireland. Our mission is to create and operate a diversified portfolio of wind projects while protecting and enhancing the physical and social environment. In British Columbia, Canada, four projects totaling 300 MW have been awarded 25 year AAA-rated Electricity Purchase Agreements and one has received full environmental approval and permitting for construction, expected to begin in 2013. In Ireland, the Company has signed a partnership agreement with SSE plc for development of the 105MW Cloosh Valley Wind Project. Finavera is continuing to opportunistically review prospects for growth and the enhancement of shareholder value.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Finavera Wind Energy Inc.
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CO: Finavera Wind Energy Inc. ST: British Columbia NI: OIL ENV 2575 WNEWS FIN
-0- Apr/03/2013 12:30 GMT