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Western GeoPower Corp. (WGP)

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Monday 20 October, 2008

Western GeoPower Corp.

WESTERN GEOPOWER CLOSES FIRST TRANCHE $10.6 MIL...



Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this 
announcement. 
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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: [email protected] Investor
Relations: [email protected]


 
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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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