in News Departments > FYI
print the content item

Renewable Energy technology developer Finavera Renewables has secured commitments from a group of company founders and shareholders for a private placement totaling a minimum of $1.1 million to a maximum of $2 million. The brokered private placement with Dundee Securities Corp. and CIBCWorld Markets Inc. announced by Finavera on Oct. 23 has been cancelled.

In conjunction with the private placement, the board of directors will be restructured. Chairman Tom Allen resigned, and directors Bertan Atalay, Hans Fredrikson, Charles Stone and Alla Weinstein have offered their resignations from the board of directors, effective upon the closing of the placement. They will be replaced by Hein Poulus as chairman as well as John Icke and David Lamont. Jason Bak remains as a director and CEO.

Poulus is a partner with the Stikeman Elliott law firm. Icke is a senior executive with an excess of 25 years management experience. Lamont is a founding partner of Capital Trust.

"This financing allows us to move forward without unnecessarily diluting shareholders at current prices," says Bak. "In addition, our incoming board of directors will provide strong leadership following what have been challenging market conditions for the company."


Trachte Inc._id1770
Latest Top Stories

Six Key Takeaways From The IRS' Start Of Construction Guidance: What You Need To Know

The IRS recently issued guidance to wind developers to further spell out what "start of construction" means. Will you be covered?


Eagle Take Permits For Wind Farms - Will They Fly?

Now that the U.S. Fish and Wildlife Service has issued the first permit allowing the legal take of eagles, can wind developers expect more certainty in the agency's application process?


Despite 2013 Challenges, U.S. Wind Power Reaches All-Time Low Price

In a new report, the U.S. Department of Energy details the highs and lows of the country's wind industry last year, and the agency maintains that the U.S. sector remains strong.


Mexico On Pace To Set New Renewables Investment Record

A new report says the country has spent $1.3 billion on clean energy in the first half of 2014 and could end up seeing a record year. Furthermore, wind power is slated for significant growth in the region.


IRS Issues More PTC Guidance, Easing Some Wind Industry Concerns

The Internal Revenue Service (IRS) addresses how much work is needed on a wind farm to satisfy production tax credit (PTC) eligibility.

Renewable NRG_id1934
Canwea_id1984
Tower Conference_id1965