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Finavera seeks funds for wind farm development
By
Editorial
Thu Mar 11 2010, 10:24 AM
Canadian wind farm developer Finavera Renewables plans to raise CAD600,000 (USD584,500) through a private placement. The firm intends to sell 10m shares at a price of CAD0.06 (USD0.058) per share. Finavera is also arranging a CAD1.5m (USD1.5m) development loan from an undisclosed lender. The loan will be secured against a minority interest in its Cloosh Valley wind energy project in Ireland. The firm plans to use the proceeds of the loan and funding to support ongoing wind farm projects and for working capital.
