Western GeoPower Announces $6M Financing

Western GeoPower Corp.(WGP.V; WE6.F), announced it will raise $6 million in a private placement to continue the current development program at its South Meager Geothermal Project. The financing will comprise of a minimum of 30,000,000 units at a price of $0.20 per unit. Each Unit is comprised of one share and one share purchase warrant, each warrant entitling the holder to purchase one additional share at a price of $0.35 per share for a period of three years. The Agent has reserved the right to substitute up to $1,000,000 of the financing with up to 5,000,000 flow-through shares at a price of $0.20 per share. Closing of the financing is scheduled for December 9, 2005 (“Closing Date”). The proceeds of the financing will be used to conduct the flow-testing of the recently-drilled geothermal wells, MC-6; MC-7 and MC-8 to enable the completion of a feasibility study for the South Meager Geothermal Project; to repay $2,000,000 against the Quest Loan Facility; and for general working capital purposes. Western GeoPower Corp. is dedicated to the development of its 100% owned South Meager Geothermal Project, held under a geothermal lease for the commercial generation of electricity. The project, located 170 kilometers north of […]

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