By Devika Patel
Knoxville, Tenn., Dec. 18 - Finavera Renewables Inc. raised C$1.1 million in the first tranche of a non-brokered private placement of units. The deal priced for up to C$2 million on Dec. 7.
In this tranche, Finavera issued 11 million units.
The company plans to sell up to 20 million units at C$0.10 apiece. Each unit will consist of one common share and one warrant, with each warrant exercisable at C$0.15 for one year.
Based in Vancouver, B.C., Finavera develops projects and technology in the clean renewable energy sector.
Issuer: | Finavera Renewables Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$2 million (maximum)
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Units: | 20 million (maximum)
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.15
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Agent: | Non-brokered
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Pricing date: | Dec. 7
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Settlement date: | Dec. 17 (for C$1.1 million)
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Stock symbol: | TSX Venture: FVR
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Stock price: | C$0.135 at close Dec. 7
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