VANCOUVER, Canada, February 24th, 2012 – Finavera Wind Energy Inc. (“Finavera” or the “Company”) (TSX-V: FVR) today announced it has secured a $200,000 convertible promissory note (the “Note”). The Note will accrue interest at a rate of 12% per year, which will be payable in cash or common shares of the Company, at the Lenders' option. The conversion price will be the volume weighted average trading price for the 20 day trading period prior to the conversion date.
The lender is at arm's length from the company and will not become an insider as a result of any conversion of principal and interest. All shares issued on any conversion of Note principal or interest will be subject to a four-month hold period from the date of advance of Note proceeds.
Proceeds of the loan will be used for general working capital.
The loan is subject to acceptance by the TSX Venture Exchange.
Jason Bak, CEO
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.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."