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Finavera Renewables Inc. has announced a non-brokered private placement of 10 million units at a price of $0.20 per unit for gross proceeds of $2 million. 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, according to the company.

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