By Sheri Kasprzak
New York, Jan. 25 - Western Wind Energy Corp. said it entered into an agreement with Pacific Hydro Ltd. for the private placement of C$6.5 million in units.
Pacific Hydro agreed to buy 4,333,333 units at C$1.50 each.
The units include one share and one warrant. The warrants are exercisable at C$1.60 each for two years.
The private placement is part of a joint-venture agreement in which Western Wind agreed to pledge its assets, contracts and people for future developments with Pacific Hydro.
On Dec. 19, Western Wind completed a C$1.5 million private placement of 1 million units with Pacific Hydro under the same terms and on Nov. 3, Pacific Hydro bought 666,667 units.
Based in Coquitlam, B.C., Western Wind operates wind-energy electrical generation facilities.
| Issuer: | Western Wind Energy Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$6.5 million
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| Units: | 4,333,333
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| Price: | C$1.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.60
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| Investor: | Pacific Hydro Ltd.
|
| Announcement date: | Jan. 25
|
| Stock symbol: | TSX Venture: WND
|
| Stock price: | C$1.73 at close Jan. 25
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