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.
About Innovente
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)
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.