By Devika Patel
Knoxville, Tenn., May 27 - Western Wind Energy Corp. announced it has arranged a C$15 million private placement of special warrants.
The company will sell 5,263,158 special warrants at C$2.85 apiece. Each special warrant will be exercisable into one common share and one half-share warrant. Each whole warrant will be exercisable into one common share at C$3.70 for two years.
Loewen, Ondaatje, and McCutcheon Ltd. is the lead agent for this deal. Settlement is expected June 20.
Proceeds will be used to repay approximately C$12.5 million in debt owed to Pacific Hydro and the balance will be used for working capital purposes.
Based in Coquitlam, B.C., Western Wind operates wind-energy electrical generation facilities.
| Issuer: | Western Wind Energy Corp.
|
| Issue: | Special warrants exercisable into units of one common share and one half-share warrant
|
| Amount: | C$15 million
|
| Warrants: | 5,263,158
|
| Price: | C$2.85
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.70
|
| Agent: | Loewen, Ondaatje, and McCutcheon Ltd. (lead)
|
| Pricing date: | May 27
|
| Settlement date: | June 20
|
| Stock symbol: | TSX Venture: WND
|
| Stock price: | C$3.17 at close May 27
|
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