Canadian Innovente plans USD 7.4m share sale

Oct 19, 2011 - Canadian biomass-to-energy firm Innovente Inc said Tuesday it intended to sell shares for as much as CAD 7.5 million (USD 7.4m/EUR 5.4m) in a best-effort private placement.

The company has signed a letter of intent with National Bank Financial Inc to serve as the agent in the offering.

Innovente also said it was in talks with certain financial institutions on a debt financing of up to CAD 8.5 million. The company plans to use the proceeds from the offering and the debt financing to complete the construction of its Saint-Patrice-de-Beaurivage cogeneration plant; to back the development of other biomass power projects; and for general corporate purposes.

(CAD 1 = USD 0.989/EUR 0.716)

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