WESTERN GEOPOWER DRAWS DOWN SECOND TRANCHE OF U...
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NEWS RELEASE
DATE: January 6, 2009
FOR IMMEDIATE RELEASE
TRADING SYMBOLS: TSX-V (Canada): WGP.V FRANKFURT: WE6.F
WESTERN GEOPOWER DRAWS DOWN SECOND TRANCHE OF US$8.52 MILLION
UNDER ITS SECURED LOAN FACILITY
VANCOUVER, Canada, January 6, 2009, TSX Venture Exchange Trading
Symbol: WGP - Western GeoPower Corp., a renewable energy company,
today announced that the conditions to the availability of the second
tranche of its secured loan facility, previously announced on
November 10, 2008, have been satisfied, and that the second tranche
of US$8,520,000 has now been drawn down. The initial tranche of
US$2,480,000 under the US$11 million secured loan facility was drawn
down on November 24, 2008.
The proceeds of the loan facility may be used for drilling, project
management, development cost, plant equipment, and up to US$300,000
in monthly working capital and general corporate purposes.
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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