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Attention Business Editors
Finavera Renewables announces private placement and development loan
/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
VANCOUVER, March 9 /CNW/ - Finavera Renewables Inc. ('Finavera
Renewables' or the 'Company') (TSX-V: FVR) announces plans to raise $600,000
through a non-brokered private placement of 10,000,000 shares at a price of
$0.06 per share.
The Company also announces it is arranging a $1,500,000 development loan.
The loan has a one year term with an annual interest rate of 12% and is
secured against a minority interest in the Company's Cloosh Valley wind
project until such time as the loan is repaid. It is also anticipated that
2,000,000 share purchase warrants will be issued to the lender, with each
warrant exercisable at $0.10 for 12 months from the date of closing of the
loan.
Proceeds of the placement and loan will be used for ongoing wind project
development and general working capital. The private placement and loan are
subject to TSX Venture 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
pre-construction wind project is under development with a potential capacity
of 105MW. Data collection and environmental studies have been continuing at a
number of sites in both countries.
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.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.
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/For further information: Finavera Renewables: Myke Clark, SVP Business
Development, Finavera Renewables, (604) 288-9051, mclark@finavera.com/
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