Innovente closes C$1 million private placement with Caisse de dépôt et placement du Québec
September 30, 2013
1.00 Million CAD
On October 1, 2013, Innovente Inc. announced the closing of a private placement with Caisse de dépôt et placement du Québec (Caisse) for gross proceeds of C$1 million.
The private placement is for 1,818,182 units at a price of C$0.55 per unit. Each unit is comprised of: (i) one common share of the share capital of the Corporation; and (ii) one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price per common share equal to C$0.70 at any time until September 30, 2016.
Under the private placement, Innovente 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.
Innovente, headquartered in Québec City, Québec is a producer of renewable energy and provides communities with a green and sustainable solution for the management of organic residues through its technology.
McCarthy Tétrault LLP represented Innovente, as issuer.