By Sheri Kasprzak
New York, Jan. 3 - Western GeoPower Corp. said it has concluded a private placement for C$7,255,625.
The company sold 48,370,834 units at C$0.15 each.
The units include one share and one warrant. The warrants are exercisable at C$0.25 each for three years.
The offering was first announced Dec. 1 as a C$6 million offering of up to 30 million units at C$0.20 each. The pricing terms were changed to 40 million units at C$0.15 each on Dec. 14.
Dundee Securities Corp. was the placement agent.
Proceeds will be used for testing on the company's recently drilled geothermal wells, a feasibility study for the South Meager geothermal project, the repayment of a $2 million loan and for working capital.
Based in Vancouver, B.C., Western GeoPower is a geothermal energy production company.
| Issuer: | Western GeoPower Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$7,255,625
|
| Units: | 48,370,834
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.25
|
| Placement agent: | Dundee Securities Corp.
|
| Pricing date: | Dec. 1
|
| Amended: | Dec. 14
|
| Settlement date: | Dec. 30
|
| Stock price: | C$0.20 at close Dec. 1
|
| Stock price: | C$0.17 at close Dec. 14
|
| Stock price: | C$0.275 at close Dec. 30
|
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