Innovente announces a revised commercial operation date for its first plant, a letter of engagement with respect to a private placement and changes to its management
QUEBEC CITY, Nov. 30, 2012 /CNW Telbec/ – Innovente Inc. (TSXV: IGE)
(“InnoventÃ©” or the “Company”) announces a delay in the commercial
operation of its first plant located in St-Patrice-de-Beaurivage.
Commercial operation of the plant will start by April 30(th) at the latest instead of December.
“We are sparing no efforts to make sure that the plant will be
operational as soon as possible, but at the same time we are committed
to high standards and strict environmental regulation”, explains
Richard Painchaud, president of InnoventÃ©.
Jacques Gauthier, a director of the Company with an extensive experience
in the energy sector, has agreed to provide support to the project team
to optimize the process leading to commercial operation of the plant.
The Company has informed its client, Hydro-Quebec, of this delay. The
terms of the contract will apply and represent a penalty of
To address the financial impacts caused by this delay and working
capital needs related to the development of new projects, InnoventÃ© has
entered into a letter of engagement with National Bank Financial Inc.
(the “Agent”) with respect to a “best efforts”, agency basis, private
placement consisting of Common Shares of InnoventÃ© for aggregate gross
proceeds of $1 million to $2.5 million (the “Offering”). As per the
engagement letter, the Agent will act as agent in the context of the
Offering. The issue price of the Common Shares has not yet been
determined and will be mutually agreed upon by the Company and the
Agent. The Common Shares will be offered in each of the provinces in
Canada. The Common Shares issued pursuant to the Offering will be
subject to the statutory hold periods and the Offering remains subject
to applicable regulatory approvals.
The Company will submit a request for an advance income tax ruling from
the MinistÃ¨re du Revenu du QuÃ©bec confirming that InnoventÃ© meets the
criteria of a “qualified issuing corporation” in accordance with the
Quebec Stock Savings Plan II and that the common shares of InnoventÃ©
that will be issued in the context of the Offering will be “qualifying
shares” as per such plan.
InnoventÃ©’s Chief Financial Officer, Isabelle Jomphe, has informed the
Company of her departure. Her last day with the Company will be
January 31(st), 2013. The necessary measures have been put in place to find her
Based in Quebec City, InnoventÃ© produces renewable energy and provides
communities with a green and sustainable solution for the management of
residual organic matter. InnoventÃ© stock is listed on the TSX Venture
Exchange under the ticker symbol IGE (TSXV: IGE). www.innovente.ca
Disclaimer regarding forward-looking statements
Certain statements included herein, including those that express
management’s expectations or estimates of the Company’s future
performance, constitute “forward-looking statements” within the meaning
of applicable securities laws. Forward-looking statements are
necessarily based on a number of estimates and assumptions that, while
considered reasonable by management when they are made, are inherently
subject to significant business, economic, and competitive
uncertainties and contingencies. Investors are cautioned not to place
undue reliance on forward-looking statements. The Company disclaims any
intent or obligation to update publicly these forward-looking
statements, whether as a result of new information, future events or
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 press
SOURCE InnoventÃ© Inc.