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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."

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