FVR - Finavera Renewables (TSX-V) - Page 10
Financing UpdateFinavera Renewables Advances Towards Finance Agreement for British Columbia Wind Projects
Last Update: 12/2/2010 8:00:00 AM
VANCOUVER, Dec. 2, 2010 (Canada NewsWire via COMTEX) -- Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (FVR) is pleased to provide an update on the process to secure financing for the Company's 301 MW portfolio of wind projects in British Columbia. Finavera is progressing towards definitive agreements for the equity requirements of the Tumbler Ridge, Wildmare, Meikle, and Bullmoose Wind Energy Projects. The focus is currently on the two nearest term projects, Tumbler Ridge and Wildmare, which are targeted for construction next year.
In June, 2010, Finavera engaged Capital West Partners to run a structured process with a mandate to secure a partner to provide the equity, or approximately $200 million of the estimated $800 million capital cost of the project portfolio. In exchange for the right to provide equity, the interested potential partners were asked to provide Finavera with a substantial free carry in the projects. Substantive proposals were received from several large utilities, wind developers and investment groups. Finavera assessed the proposals during July and August after which they were shortlisted. The Company is currently completing due diligence and negotiations with one preferred equity provider and expects to sign definitive agreements for one or more of the near term projects by the end of January 2011.
Finavera Renewables CEO Jason Bak said, "Securing an equity solution is one of the most important milestones for the development of a wind farm. We were pleased with the number of interested parties from North America and China and the quality of proposals we have received. The completion of this process will result in a significant ownership interest in these projects for Finavera and will ensure that we have a strong, value-adding partner working with us through construction and operation. It will also provide a project financing solution that minimizes dilution of the Company's capital structure. With financial close on our first two projects targeted for the third quarter of 2011, we remain on track to begin construction next year and achieve commercial operation in late 2012."
The Company will continue to provide updates as the process progresses.
Jason Bak, CEO
Mr. Jason Bak reports
FINAVERA RENEWABLES EXTENDS INVESTOR RELATIONS CONTRACT WITH PINNACLE CAPITAL MARKETS
Finavera Renewables Inc. has extended the company's investor relations contract with Pinnacle Capital Markets Ltd. The contract was initially announced in Stockwatch by the company on Sept. 30, 2010. The term of the extension is six months, and Pinnacle's monthly compensation will be $5,000. In addition, the company will issue 200,000 incentive stock options to be granted pursuant to the company's stock option plan and the rules of the TSX Venture Exchange. The options will have an exercise price of 10 cents per share for a period of one year. The options will vest in four equal instalments every three months. The agreement is subject to the approval of the TSX
Keep an eye on SBX, one of my other primary holdings and set to move this year, at rock bottom. I'm in at 37 to 14. 79 mill float... Dead money till it goes, but equity financing is due soon. I have an email into the company, waiting on there response to my questions.
an equity partner for the two near-term projects, including the 77MW Wildmare and
47MW Tumbler Ridge wind energy projects.
FVR has selected a potential lead partner with which it is engaged in due diligence
and negotiation of terms. While an agreement for all four projects is possible, we
expect the first stage of the agreement may only include definitive terms for the first
two projects with a lock-up on the second two projects, given the short timeframe
over which this process has evolved so far. Furthermore, the COD dates for the
Meikle and Bullmoose projects are 2014/2015. As such the development timelines for
these two projects are ~12-18 months behind those of Wildmare and Tumbler Ridge,
and there is more flexibility in the timing for a final development agreement.
The COD for Wildmare and Tumbler Ridge is set for November 2012, which means
the company must have project finance agreements, final turbine supply, and
engineering procurement and construction (EPC) contracts in place by mid-2011 in
order to achieve the targeted COD dates. FVR estimates development costs for the
projects at an average of ~$2.5- 3M/MW which translates to a total construction
cost of $350-400M and an equity cost of ~$100M based on a debt/equity ratio of
a substantial award in the Call, we believe it is important to keep an eye on FVR’s
development progress. The next key catalyst is the successful negotiation of a JV for
Another two weekFVR is pleased to provide an update on the process to secure financing for the Company's 301 MW portfolio of wind projects in British Columbia. On December 2, 2010 the Company announced it was completing due diligence and negotiations with one preferred equity provider and expected to sign definitive agreements for one or more of the near term projects by the end of January, 2011. Finavera continues to negotiate terms with the preferred equity provider and will provide a further update on the process before February 15, 2011.
Jason Bak, CEO
FVR is pleased to provide an update on the process to secure financing for the Company's 301 MW portfolio of wind projects in British Columbia. On December 2, 2010 the Company announced it was completing due diligence and negotiations with one preferred equity provider and expected to sign definitive agreements for one or more of the near term projects by the end of January, 2011. Finavera continues to negotiate terms with the preferred equity provider and will provide a further update on the process before February 15, 2011.
Jason Bak, CEO
Pursuant to a resolution passed by shareholders on Sept. 15, 2010, thecompany has consolidated its capital on a one-new-for-10-old basis. Thename of the company has also been changed as follows.
Effective at the opening on Tuesday, Feb. 8, 2011, the common shares ofFinavera Wind Energy Inc. will commence trading on the TSX VentureExchange, and the common shares of Finavera Renewables Inc. will bedelisted.
No I only wish. They did a 10 for 1 consolidation.
VANCOUVER, Feb. 7 /CNW/ - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX-V: FVR) announces the Company has received the approval of the TSX Venture Exchange regarding the consolidation of its issued common shares on the basis of ten old shares for one new share. 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 energy 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.
Jason Bak, CEO