TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 69,058,637
VANCOUVER, Nov. 19, 2012 /CNW/ - Western Wind Energy Corp. - (the "Company" or Western Wind) has closed a term loan facility with
an institutional lender (the "Lender") to borrow, through its
wholly-owned subsidiary Western Wind Energy US Corporation ("Western
Wind US"), the aggregate sum of US$25,000,000. The term loan is
structured in two parts, with the first draw of $15,000,000 being
available immediately for repayment of the Company's existing corporate
bridge financing, transaction costs, arranging and lending fees,
reserve accounts, and is secured by future Windstar cash
distributions. The second commitment of $10,000,000 would be available
to fund the Company's Yabucoa equity contribution and or the repayment
of the REC promissory note to the Yabucoa solar project and to
facilitate financial close of project financing, and will be secured by
future Yabucoa cash distributions. The term of the loan will be for
five (5) years and will bear interest at a base rate of 10.5% per annum
plus a variable London Interbank Market rate, which taken altogether
including an interest rate hedge, will not exceed a total of 11.5% for
the term of the loan. The Yabucoa commitment under the corporate loan
agreement expires May 16, 2013 and a commitment interest rate of 4% is
charged on the undrawn amount. The loan can be repaid at anytime.
As consideration for advancing the loan, the Company will issue to the
Lender an aggregate of 400,000 share purchase warrants (the "Lender's
Warrants"). Each Lender's Warrant shall entitle the holder to acquire
one additional common share in the capital of the Company at a price of
$2.50 per share for a period of five (5) years after the date the
Lender's Warrants are issued. An arrangement fee of 3% of the facility
is payable in connection with the transaction, in addition to annual
agency fee payments of $50,000.
The hold period for the Lender's Warrants and any shares issued upon
exercise of the warrants will expire on March 16, 2013.
Western Wind is pleased to complete the above milestone which was stated
in its July 30, 2012 News Release as a milestone required prior to the
sale of the company. This loan facility retires expensive debt and
furnishes extra equity to help complete the Yabucoa financing. The
company is pleased with the results so far in the selling process and
will release information in due course as permitted by our Advisors.
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated renewable energy production
company that wholly owns and operates wind and solar generating
facilities with 165 net MW of rated capacity in production in the
States of California and Arizona. Western Wind further owns substantial
development assets for both solar and wind energy in the US. The
Company is headquartered in Vancouver, BC and has branch offices in
Scottsdale, Arizona and Tehachapi, California. Western Winds trades on
the TSX Venture Exchange under the symbol "WND" and in the United
States on the OTCQX under the symbol "WNDEF".
The Company owns and operates three wind energy-generating facilities in
California, and one fully integrated combined wind and solar energy
generation facility in Arizona. The three operating wind generation
facilities in California are comprised of the 120MW Windstar, the 4.5
MW Windridge facilities in Tehachapi, and the 30 MW Mesa wind
generation facility near Palm Springs. The facility in Arizona is the
Company's 10.5 MW Kingman integrated solar and wind facility. The
Company is further developing wind and solar energy projects in
California, Arizona, and Puerto Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT ON FROWARD-LOOKING INFORMATION
This news release contains certain statements that may be considered
"forward-looking statements". Forward-looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words "expects", "anticipates", "intends",
"plans", "believes", "potential", "estimates", "projects" and similar
expressions, or that events or conditions "will" "should", "would",
"may" or "could", occur. Although Western Wind believes the
expectations expressed in the forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those
contained in the forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of Western
Wind's management on the date the statements are made. Western Wind
undertakes no obligation to update these forward-looking statements in
the event that management's beliefs, estimates or opinions, or other
factors, should change, except as required by law.
SOURCE: Western Wind Energy
For further information:
Investor Relations Contact:
Telephone: (416) 992-7227