Finavera Reports Results of Annual General and Special Shareholder Meeting
VANCOUVER, June 18, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera')
(TSX-V: FVR) is pleased to announce the results of its Annual General and
Special Shareholder Meeting on June 14, 2013.
Shareholders voted in favour of all items of business. A total of 9,480,551
or 23.91% of the issued common shares as of the record date for the meeting
were voted, as follows:
Regarding the Asset Sale Resolution authorizing the sale the Company's
interest in the Tumbler Ridge Wind Energy Project and the Meikle Wind Energy
Project to Pattern Renewable Holdings Canada ULC, shareholders voted 9,385,001
shares or 98.99% in favour of the transaction, meeting the required hurdle of
66.67% of shareholders voting at the meeting to approve the transaction.
Regarding the election of directors:
| Director |Votes by Ballot in Favour|Votes by Ballot Withheld|
|Tom Anderson| 7,287,351 (76.9%) | 2,193,200 (23.1%) |
| Jason Bak | 7,155,961 (75.5%) | 2,324,590 (21.5%) |
|David Lamont| 7,254,351 (76.5%) | 2,226,200 (23.5%) |
|Hein Poulus | 7,253,551 (76.5%) | 2,227,000 (23.5%) |
Shareholders also voted 99.63% in favour of setting the number of Directors at
four, voted 75.68% in favour of the Company's Stock Option Plan and voted
99.92% for the appointment of KPMG LLP as auditors of the Company.
Jason Bak, CEO stated, "Shareholders have voted overwhelmingly in support of
the Directors and the transaction to sell two of our wind projects to Pattern
Energy. We are completely aligned with Pattern Energy to progress these
projects to operation and will continue to provide Pattern with ongoing
support in order to facilitate the key milestone of construction financing."
Bak continues, "Finavera will be in the enviable position of being debt free
with cash reserves in a market with a number of cash starved opportunities.
We have embarked on a review of various revenue generating acquisitions with
exceptional growth potential and will continue our process for the next 2 to 6
months. After completion of the review we anticipate going to shareholders
for the approval of an acquisition, a special cash dividend or potentially
On behalf of the Board, Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing 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. In
Ireland, the Company has signed a partnership agreement with SSE plc for
development of the 105MW Cloosh Valley Wind Project, which is expected to
begin construction in 2013. Finavera is continuing to opportunistically review
prospects for growth and the enhancement of shareholder value.
About Pattern Energy Group (www.patternenergy.com)
Pattern Energy Group LP is an independent, fully-integrated energy company
that develops, constructs, owns, and operates renewable energy and
transmission assets in the United States, Canada and Latin America. With a
long history in wind energy, Pattern's highly-experienced team of scientists,
engineers, construction experts, and legal and financial professionals has
developed, financed and placed into operation nearly 3,000 MW of wind power
projects. A strong commitment to promoting environmental stewardship drives
the Company's dedication to work closely with landowners and communities to
create premier renewable energy projects. Pattern currently operates
approximately 1,000 MW of installed wind energy capacity in North America and
Puerto Rico. The Company's full development pipeline exceeds 3,000 MW of
renewable energy and transmission projects. Pattern has offices in San
Francisco, San Diego, Houston, New York, and Toronto.
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
SOURCE: Finavera Wind Energy Inc.
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CO: Finavera Wind Energy Inc.
ST: British Columbia
NI: OIL ENV 2575 WNEWS
-0- Jun/18/2013 17:15 GMT
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