Finavera Renewables, February 4, 2008
VANCOUVER, BRITISH COLUMBIA — Finavera Renewables Inc is pleased to announce a non-brokered private placement of 10,000,000 units at a price of $0.20 per unit for gross proceeds of $2,000,000. The units consist of one common share and one-half of a share purchase warrant, with each full warrant exercisable at $0.25 for 24 months from the date of the private placement. A finder’s fee will be payable in connection with the private placement.
Proceeds of the placement will be used for the continued development of Finavera Renewables’ wind and wave energy projects, and for general working capital.
About Finavera Renewables Inc.
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 and wave energy sectors. Finavera Renewables Inc. is developing the licensed and patented ‘AquaBuOY’ wave energy technology, a device that is based on proven and sustainable buoy technology. The Company is developing wave energy projects for AquaBuOY use in the United States, Portugal, South Africa and Canada. One of those projects, in California, has secured a 2MW power purchase agreement with Pacific Gas and Electric. The Company is also developing other wind energy projects in Canada and Ireland. In Canada, a two stage 150 MW project is being developed in Alberta. Construction on this advance stage project is estimated to begin in 2008 and provides for near term revenue. In British Columbia, four projects totaling 366 MW have been entered into the provincial Environmental Assessment process, and several other sites are being developed. In Ireland, two pre-construction wind projects are under development with a potential capacity of 175MW. Data collection and environmental studies have been continuing at a number of sites in both countries.