Western Wind Energy Closes $4.56 Million Private Placement
May 7, 2009 (FinancialWire) — Western Wind Energy Corp. (OTC: WNDEF) (TSX: WND) has closed a brokered private placement offering of 7,015,700 units at $0.65 per unit for gross proceeds of $4,560,205.
Each unit is comprised of one common share and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share for a period of two years at $1 per share. The hold periods for the units and the underlying securities expires on September 5.
Western Wind plans to use the proceeds from the offering, in part, to secure a letter of credit on behalf of Southern California Edison in connection with a power purchase agreement and to fund development activities on the company’s 120 megawatt Windstar project. It will also use the funds for Western Wind’s Mesa mind farm and to continue development of its solar initiative in Ontario, Canada.
Vancouver-based Western Wind Energy is a wind energy electrical production company that currently has more than 500 wind turbines with 34.5 megawatts of rated capacity and a further 120MW of expansion power purchase agreements in California.
The company acquires land sites and technology for the production of electricity from wind energy.
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