Vancouver, British Columbia-based Finavera Renewables Inc. has closed a C$142,420 non-brokered private placement announced on Feb. 23. The private placement consists of about 2.8 million units at a price of C$0.05 per unit.
Each unit consists of one common share and one half-share purchase warrant. Each full warrant is exercisable at C$0.10 for 12 months from the date of closing of the private placement. Shares issued pursuant to this private placement are subject to a four-month hold.
Proceeds of the placement will be used for general working capital.
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