VANCOUVER, May 8, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera Wind
Energy', 'Finavera' or the 'Company') (TSX-V: FVR) announces that following
TSX Venture Exchange approval 321,433 shares ('Settlement Shares') have been
issued at a price of $0.21 to extinguish outstanding debt for $67,501.37.
The shares issued are greater than the amount announced on April 3(rd), 2013
as additional debt holders were included in the transaction. 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 states, "Certain debt holders understand the impact of the
recently announced transaction for the sale of two of our wind energy projects
and they agreed to receive shares of the Company in lieu of cash. We
continue to look for ways to pay down debt and aggressively manage our burn
rate as we embark on a fiscally prudent review of new opportunities."
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 firstname.lastname@example.org
SOURCE: Finavera Wind Energy Inc.
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CO: Finavera Wind Energy Inc.
ST: British Columbia
NI: OIL ENV
-0- May/09/2013 01:39 GMT
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