Western Wind plans C$8.2 million private placement of stock, preferreds

By Sheri Kasprzak

Atlanta, May 17 - Western Wind Energy Corp. said it is in talks for a C$8.2 million private placement.

The deal will include a combination of common and preferred shares, which will be offered to institutional and accredited investors, according to a statement from the company.

The private placement is being conducted to help fund Western Wind's 20-megawatt Dark Harbor Wind Farm in New Brunswick. The Manufacturers Life Insurance Co. has already dedicated C$29.7 million in construction and term debt financing for the wind farm, and the private placement will pick up the remainder.

Clean Power Income Fund may participate in the equity portion of the financing.

In other news, Western Wind said Ron Gross has been named the company's vice president of capital markets.

Based in Coquitlam, B.C., Western Wind Energy is a wind energy production company.

The proposed deal was announced late Monday. The company's stock closed unchanged at C$2.05 on Monday.

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