Proceeds fund construction of the Saint-Patrice-de-Beaurivage project
By Devika Patel
Knoxville, Tenn., Jan. 10 - Innovente Inc. said it settled a C$2.26 million private placement of stock. The deal was announced to raise between C$1 million and C$2.5 million on Nov. 30.
The company sold common shares at C$0.55 apiece, which is a 10% premium to the Jan. 9 closing share price of $0.50.
National Bank Financial Inc. was the agent.
Proceeds will be used to complete the construction of the Saint-Patrice-de-Beaurivage project as well as for working capital and general corporate purposes.
Quebec City's Innovente produces electricity from organic waste and residues.
| Issuer: | Innovente Inc.
|
| Issue: | Common shares
|
| Amount: | C$2,260,150
|
| Price: | C$0.55
|
| Warrants: | No
|
| Agent: | National Bank Financial Inc.
|
| Announcement date: | Nov. 30
|
| Settlement date: | Jan. 10
|
| Stock symbol: | TSX Venture: IGE
|
| Stock price: | C$0.50 at close Jan. 9
|
| Market capitalization: | C$19.17 million
|
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