Finavera to list on Venture Exchange

Irish natural gas exploration and development company Finavera today announced that it intends to list on the TSX Venture Exchange (TSX-V) via the reverse take over of a public listed company GTO Resources.

Finavera Gas is developing the Lough Allen Basin gas reservoirs and the RTO transaction provides the company with an "economic way" to list on the TSX-V.

Following the transaction, GTO will subsequently change its name to Finavera Gas Limited and will have a Tier 2 listing on the TSX-V.

It is expected that the process will be completed by January 31, 2007, assuming approval is granted by shareholders and regulatory authorities.

Under the terms of the agreement, GTO will issue to the shareholders of Finavera Gas approximately 41.4 million common shares at a deemed price of $0.75 per share.

Options and warrants will be converted at directly proportional amounts and prices. This values Finavera Gas at approximately €1.50 per original share and provides an ideal capital structure for the future growth of the Company.

Ireland-based Finavera Gas has been established to build a portfolio of assets in the oil and gas sector with particular focus on natural gas.

The company holds three petroleum exploration licences in Ireland including one in the North which cover the Lough Allen Basin.