Macquarie Private Wealth Inc. is also participating in the placement as a "special selling group member". At the option of the Agents, the Offering may be increased by 15% on the same terms and conditions. Any shares issued in conjunction with the Offering will be subject to a four month hold period.
The gross proceeds from the sale of flow-through shares will be used for the continued development of the Company’s portfolio of wind farm projects in British Columbia. The portfolio includes the 77 megawatt ("MW") Wildmare, 47 MW Tumbler Ridge, 117 MW Meikle, and 60 MW Bullmoose Wind Energy Projects which all have 25 year Electricity Purchase Agreements with BC Hydro. The Wildmare and Tumbler Ridge wind turbines projects have also recently passed the screening stage of the British Columbia Environmental Assessment process and will enter the Application Review stage shortly. The Company’s expenditures on the projects will qualify as "Canadian exploration expenses" ("CEE") under the Income Tax Act (Canada) and will be renounced to investors for the 2011 taxation year. Completion of the Financing is subject to certain conditions, including the approval of the TSX Venture Exchange.
This press release, as required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
Finavera Wind Energy is a wind energy 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 105 MW Cloosh Valley Wind Project. Data collection and environmental studies have been continuing at a number of prospective sites in Canada and the United States.