10.11.2008
Western Geopower Secures US$11 Million Secured Loan Facility
VANCOUVER, Canada, November 10, 2008, TSX Venture Exchange Trading Symbol: WGP – Western GeoPower Corp., a renewable energy company, today announced that it has entered into a US$11 million secured loan facility. Under the terms of the loan facility the initial tranche of US$2,480,000 will be available to the company upon receipt of approval of the TSX Venture Exchange for the issuance of warrants and the payment of certain lending fees and expenses. The second tranche of US$8,520,000 will be available to the company upon the later of 15 business days following the initial advance having elapsed or the date upon which all conditions precedent to that tranche have been met, including the perfection of security, the discharge of any liens other than permitted liens, payment of certain lending fees and expenses, and that no event of default then exists. Interest will be payable at a rate of 1% for the first six months, 1.25% for the second six months and 1.5% thereafter. The lender will have the right, subject to the prior approval of the TSX Venture Exchange, to elect to receive the payment of interest on the loan in the form of common shares of the company.
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Western Geopower Drills 50% Of Steam Resource With 3 Wells
VANCOUVER, Canada, October 22, 2008, TSX Venture Exchange Trading Symbol: WGP – Western GeoPower Corp., a renewable energy development company, today announced that 50% of the steam resource required to supply the planned 35 MWe Western GeoPower Unit 1 plant at The Geysers Geothermal Field in California, has been successfully placed behind pipe with the drilling and completion of the third well, WGP-3. The three wells have established a power capacity of 19.7 MW (gross) or 17.8 MW (net). Well WGP-3 is located approximately one mile northwest of the WGP-1 well.
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Western GeoPower Closes First Tranche $10.6 Million Financing
VANCOUVER, Canada, October 20, 2008, TSX Venture Exchange Trading Symbol: WGP – Western GeoPower Corp., a renewable energy development company, is pleased to announce that it has closed the first tranche of the $25 million non-brokered private placement announced August 7, 2008.
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