VANCOUVER, Nov. 24 /CNW/ - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) has signed an amendment to the convertible debenture with Trafalgar Capital Specialized Investment Fund, FIS ('Trafalgar') that was announced on April 17, 2008.
Under the original agreement, conversion of the debt into shares was subject to a minimum price of $0.15 per share. This provision of the agreement has been amended to a minimum price of $0.05 per share. Conversions are based on a 10 day trading average for each monthly payment. The change in the terms of this agreement will help the Company better manage its cash resources moving forward.
Finavera Renewables drew down $2,000,000 of the convertible debenture on signing the original agreement on April 17, 2008. A further $8,000,000 was available to be drawn down using either convertible or non-convertible structures as negotiated by Finavera Renewables and Trafalgar; however, none of that further amount has been drawn down.
This amendment is subject to final exchange approval.
Jason Bak, CEO
About Finavera Renewables Inc. ([ www.finavera.com ])
Finavera Renewables Inc. is dedicated to the development of renewable energy resources and technologies. The Company's objective is to become a major renewable and green energy producer by developing and operating its assets in the wind sector. Finavera Renewables is developing wind energy projects in Canada and Ireland. In British Columbia, Canada, projects totaling 293 MW have been bid into the 2008 BC Hydro Clean Power Call. In Ireland, one advanced stage project totaling 105 MW is under development. Data collection and environmental studies have been continuing at a number of other sites in both countries.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release contains "forward-looking information" that is based on Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the strength of the Company's proposed wind farms, outlooks and business strategy. 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. This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, this release
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