The consolidation was approved by shareholders on September 15, 2010. Effective at the opening of trading on February 8th, 2011, the Company’s common shares will begin trading on the Exchange on a consolidated basis. The Company’s trading symbol "FVR" will not change. On a post-consolidated basis, there will be 30,407,764 common shares issued and outstanding. The Company also announces that it has changed its name to Finavera Wind Energy, Inc.
Finavera Renewables CEO Jason Bak said, "Our new name represents our singular focus on becoming the premier publically traded wind farm developer in North America. We have carried out this share consolidation in order to improve the attractiveness of our shares to a broader range of institutional and retail investors. In combination with our new name, we believe we have set the stage for an exciting new stage in Finavera’s growth."
The new CUSIP for the Company’s post-consolidation common shares is 31771W101. Registered shareholders will receive a letter of transmittal to exchange their original common shares for post-consolidation common shares. Beneficial shareholders will have their accounts automatically adjusted.
Finavera Renewables is a wind farm development company focused on developing, constructing, and operating wind farms in North America and Ireland. Our mission is to create and operate a viable renewable energy business while protecting and enhancing the physical and social environment. In British Columbia, Canada, projects totaling 301 MW have been awarded 25 year Electricity Purchase Agreements. In Ireland, the Company has signed a co-development agreement with Scottish and Southern Renewables for the 105MW Cloosh Valley Wind farm. Data collection and environmental studies have been continuing at a number of prospective sites in Canada and the United States.