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 3rd, 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."
SOURCE Finavera Wind Energy Inc.