By Devika Patel
Knoxville, Tenn., March 31 - Western Wind Energy Corp. announced it has negotiated a C$3.8 million private placement of units.
The company will sell 5,846,154 units of one common share and one half-share warrant at C$0.65 per unit on a best-efforts basis. Each whole warrant will be exercisable at C$1.00 for two years.
Settlement is expected April 25.
Loewen, Ondaatje and McCutcheon Ltd. will be the agent for this deal. There is a 20% greenshoe.
Proceeds will be used to secure a letter of credit on behalf of Southern California Edison Co. for the 20-year power purchase agreement on the company's Windstar Project. Remaining proceeds will be for development activities on Windstar, the Mesa Re-Power near Palm Springs and the Ontario Solar Initiative.
Based in Coquitlam, B.C., Western Wind operates wind-energy electrical generation facilities.
| Issuer: | Western Wind Energy Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.8 million
|
| Greenshoe: | 20%
|
| Units: | 5,846,154
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | Loewen, Ondaatje and McCutcheon Ltd.
|
| Pricing date: | March 31
|
| Settlement date: | April 25
|
| Stock symbol: | TSX Venture: WND
|
| Stock price: | C$0.65 at close March 30
|
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