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
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."
Finavera Wind Energy Jason Bak CEO +1 (604) 288-9051 email@example.com
Capital West Partners Paul Langley Partner +1 (604) 718-6809 firstname.lastname@example.org
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
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