WESTERN GEOPOWER CLOSES FIRST TRANCHE $10.6 MIL...
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NEWS RELEASE
DATE: October 20, 2008
FOR IMMEDIATE RELEASE
TRADING SYMBOLS: TSX-V (Canada): WGP.V FRANKFURT: WE6.F
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.
The Company issued 42,732,960 units at a price of $0.25 per unit for
total gross proceeds of $10,683,240. Each Unit consists of one
common share and one transferable share purchase warrant exercisable
into one common share for a period of 24 months from closing at a
price of $0.45 per share during the first 12 months and $0.50 per
share during the last 12 months. The units issued in the financing
are subject to a four month hold period ending February 4, 2009.
The warrants are subject to an acceleration provision, which provides
that, if the Company's shares trade at $0.50 or more for ten
consecutive trading days during the first year or $0.55 or more for
ten consecutive trading days during the second year, it will trigger
a 30 day timeframe within which to exercise the warrants or they will
expire.
In addition to the above, the Company issued an additional 2,530,078
Units for a finder's fee of 6% payable in units on a portion of the
proceeds. These units are also subject to a four month hold period
ending February 4, 2009.
The Company is continuing its efforts to secure additional financing.
About Western GeoPower Corp.
Western GeoPower Corp. is a renewable energy company dedicated to the
development of geothermal energy projects for the delivery of clean,
sustainable, baseload electricity generation. The Company is
developing The Western GeoPower Unit 1 geothermal power plant at The
Geysers Geothermal Field in California, United States and the South
Meager Geothermal Project in British Columbia, Canada.
On behalf of the Board of Western GeoPower Corp
"Kenneth MacLeod"
Kenneth MacLeod, President & CEO
Cautionary Note Regarding Forward-Looking Statements
Statements in this release that are forward-looking are subject to
various risks and uncertainties concerning the specific factors
identified above that reflect the Company's expectations and
projections about its future results. The Company has tried
whenever possible to identify these forward-looking statements which
include but are not limited to, words such as "anticipates,"
believes," "estimates," "expects," "plans," "intends," "potential,"
and similar expressions. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements.
The Company disclaims any obligation or intention to update or to
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. Such information contained
herein represents management's best judgment as of the date hereof
based on information currently available. This news release is not
for dissemination in the United States of America or to United States
of America news services.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. For more information or to be
put on our email list, please contact our office: (604) 662-3338 or
US/Canada Toll Free: 1-866-662-3322, email: info@geopower.ca Investor
Relations: IR@geopower.ca
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Western GeoPower Corp.
837 West Hastings Street Suite 411 Vancouver,
BC<br>V6C 3N6 Canada
WKN: 254049; ISIN: CA95827Q1037;
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