Innoventé inc.
TSX VENTURE : IGE

Innoventé inc.

December 22, 2010 18:54 ET

Innovente Closes $136,850 With the Second Round of Its Initial Public Offering and Announces the Grant of Stock Options

QUEBEC CITY, QUEBEC--(Marketwire - Dec. 22, 2010) - INNOVENTE INC. (TSX VENTURE:IGE)(the "Company") announces that it closed, as of today, the second and last round of its initial public offering by way of prospectus (the "Offering") for a total amount of $136,850. Industrial Alliance Securities Inc. and M Partners Inc. acted as co-lead agents (collectively, the "Agents") in connection with the Offering, which was conducted with subscribers in the province of Quebec.

Upon closing of the Offering (the "Closing"), the Company issued an aggregate number of 161,000 units at a price of $0.85 per unit (the "Units"). Each Unit consists of one common Share in the share capital of the Company (the "Common Share") and one Common Share purchase warrant (each Common Share purchase warrant a "Warrant"). Each Warrant entitles its holder to purchase one Common Share in the share capital of the Company, at a price of $1.25 per share, until November 25, 2013.

In consideration for the services rendered by the Agents in connection with the Offering, the Company has paid to the Agents a cash commission of an aggregate amount of $10,263. The Company also issued to the Agents an aggregate number of 11,270 compensation options (the "Compensation Options"). Each Compensation Option entitles the holder to purchase one Common Share in the share capital of the Company at a price of $0.85 per share until November 25, 2013.

Pursuant to the first round, which closed last November 25, and the second round of the Offering, the Company issued an aggregate number of 5,114,972 Units for aggregate gross proceeds of $4,347,726.

The proceeds of the Offering together with the proceeds of the first round, which closed last November 25, will be used for the construction and operation of a plant producing BEFOR, a biomass with high calorific value and the construction of additional biomass conversion centers producing only BEFOR or the construction of a cogeneration plant if the Company obtains the required financing from one or more financial institutions. The proceeds of the Offering will also provide the Company with working capital and operations.

The Company is also pleased to announce that the Board of Directors authorized the grant, on December 22, 2010, of an aggregate of 1,000,000 stock options, including an aggregate of 850,000 stock options to directors and officers of the Company. Pursuant to the terms of the Company's stock option plan, each option entitles the holder thereof to purchase a Common Share in the share capital of the Company, at a price of $0.85 per share, until December 22, 2020.

About INNOVENTE INC.

INNOVENTE owns exclusive commercialization rights for an innovative technology that allows production of green energy using organic waste. Each region produces different types of agricultural, municipal and industrial waste (manure, municipal sludge, food processing sludge, etc.) which are costly to dispose of and often cause serious environmental problems. Through the development of regional power stations, INNOVENTE wishes to create solutions for organic waste management, energy security and reduction of greenhouse gases. Hydro-Québec (acting through its division Hydro-Québec Distribution) recently awarded INNOVENTE a 25-year electricity supply contract to produce electricity from a cogeneration plant with a 4.6 MW capacity to be built in Saint-Patrice-de-Beaurivage (Québec). INNOVENTE's strategic vision lies upon developing power stations throughout regions in Québec, in Canada and across the world.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of INNOVENTE INC. to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

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