Finavera Wind Energy Inc. (“Finavera” or the “Company”)(TSX-V: FVR) today announced it has received final TSX Venture Exchange approval for the $200,000 convertible promissory note (the “Note”) announced February 24, 2012. The Note will accrue interest at a rate of 12% per year, all of which will be payable on demand in cash or common shares of the Company, at the Lender’s option. If conversion occurs, the shares will be issued at a price equal to the 20-day volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange prior to the date of conversion, subject to a minimum conversion price of 44 cents.
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.