The deal is subject to approval from Finavera shareholders and the TSX Venture Exchange.

It calls for Pattern to refinance up to C$9m of Finavera’s corporate debt, fund certain development costs going forward and provide it with a further debt facility at an annual rate of 10%. The projects that Pattern will acquire are Bullmoose, Meikle, Tumbler Ridge and Wildmare.

Post-acquisition, Pattern has also committed to development spending on the near-term projects.