Sunday, November 16, 2008

Finavera Seeks Investor Funding

It's a tough time to be raising investor money, and no company is doing that unless they really need it.

Finavera Renewables Inc. has announced that it plans to raise US $1,002,000 through a non-brokered private placement of 20,040,000 units at a price of $0.05 per unit. Each unit consists of one common share and one-half of a share purchase warrant, with each full warrant exercisable at $0.10 for 12 months from the date of closing of the private placement.
The money will be used primarily for the company's wind rather than wave projects, particularly in the Peace River area of British Columbia where the company has 12 projects with a total potential of 1.5GW. Finavera has tested wave devices in Oregon and Washington, and recently suffered a setback by the California Public Utilities Commission on its PPA with PG&E.
The company also announced that is has applied to extend the term of all 21,000,000 share purchase warrants issued pursuant to a December 2007 private placement. The warrants, exercisable at US $0.15 per share and initially issued for a term of twelve months, have been extended an additional year.
Sounds like the investors are restless.

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