This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Innoventé 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) ("Innoventé" 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 Innoventé.

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 approximately $115,000.

To address the financial impacts caused by this delay and working capital needs related to the development of new projects, Innoventé 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 Innoventé 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 Ministère du Revenu du Québec confirming that Innoventé meets the criteria of a "qualified issuing corporation" in accordance with the Quebec Stock Savings Plan II and that the common shares of Innoventé that will be issued in the context of the Offering will be "qualifying shares" as per such plan.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs