WESTERN GEOPOWER EXTENDS REPAYMENT DATE FOR PRO...
Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
----------------------------------------------------------------------
--------------
DATE: January 30, 2009
FOR IMMEDIATE RELEASE
TRADING SYMBOLS: TSX-V (CANADA): WGP.V FRANKFURT: WE6.F
WESTERN GEOPOWER EXTENDS REPAYMENT DATE FOR PROMISSORY NOTES
VANCOUVER, Canada, January 30, 2009, TSX Venture Exchange Trading
Symbol: WGP - Western GeoPower Corp., a renewable energy company,
today announced that Kenneth MacLeod, the President and Chief
Executive Officer of the company, has agreed to extend the repayment
date for $400,000 in promissory notes owed by the Company to Mr.
MacLeod. The promissory notes will now be repayable in December of
2010 subject to early repayment in the event of a default. The
promissory notes will now mature at the same date as the Company's
US$11 million Secured Loan Facility as announced November 10, 2008.
In consideration for agreeing to extend the repayment date of the
promissory notes, the company will, subject to the approval of the
TSX Venture Exchange, issue to Mr. MacLeod, 592,593 common shares of
the company. The common shares will be subject to a four month hold
period from their date of issuance.
.
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
--- End of Message ---
Western GeoPower Corp.
837 West Hastings Street Suite 411 Vancouver,
BC<br>V6C 3N6 Canada
WKN: 254049; ISIN: CA95827Q1037;
;