Innoventé Inc (TSXV: IGE), a Québec City-based producer of electricity from organic wastes and residues, has closed a private placement totaling $1 million. The investor was Canadian pension fund manager the Caisse de dépôt et placement du Québec, which has backed Innoventé since 2011. The new funding will support the ongoing development of the business.
Innovente announces a private placement with Caisse de dépôt et placement du Québec
QUEBEC CITY, Oct. 1, 2013 /CNW Telbec/ – Innovente Inc. (TSXV: IGE) (“Innovente” or the “Corporation”) announces the closing of a private placement (the “Private Placement”) with Caisse de dépôt et placement du Québec (“Caisse”) for gross proceeds of $1,000,000.
“Financing from the Caisse is aligned with the ongoing development of this business, which is at a turning point in its growth with plans to build plants in many regions of the Province of Quebec”, said Mr. Martin Garand, Manager, Investments at the Caisse. “We have been following the progress of Innovente and of its renewable energy technology since 2010 with great interest.”
“We are proud that the Caisse is reaffirming its support as an important partner of Innovente. For us, this is proof of its confidence in the potential and future projects of the Corporation”, mentioned Mr. Richard Painchaud.
The Private Placement is for 1,818,182 units at a price of $0.55 per unit (each, a “Unit”). Each Unit is comprised of: (i) one (1) common share of the share capital of the Corporation (each, a “Common Share”); and (ii) one (1) common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to acquire one (1) Common Share at a price per Common Share equal to $0.70 at any time until September 30, 2016.
Under the Private Placement, the Corporation granted a pre-emptive right to Caisse, subject to certain conditions.
The net proceeds from the Private Placement will be used to fund the development of the Corporation.
The securities issued as part of the Private Placement are subject to a statutory resale restriction ending on January 31, 2014.
Based in Quebec City, Innovente produces renewable energy and provides communities with a green and sustainable solution for the management of organic residues through its technology patented in Canada and the United States. Innovente’s shares are listed on TSX Venture Exchange under the symbol IGE (TSXV:IGE.V – News) www.innovente.ca.
Disclaimer in regards to forward-looking statements
Certain statements included herein, including those that express management’s expectations or estimates of the future performance of the Corporation, constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. The Corporation disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as these terms are defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Innoventé Inc.
For further information and interview requests:
Director of Communications, Innovente
Tel: (418) 692-1011 Ext. 200
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