Toronto Venture Exchange Symbol: "WND"
Issued and Outstanding: 30,115,221
VANCOUVER, June 20 /CNW/ - Western Wind Energy Corp. ("Western Wind")
(TSX-V: WND) is pleased to announce that it has closed an oversubscribed
private placement of $15 million announced on May 27, 2008 (the "Private
Placement"). The Private Placement was led by Loewen, Ondaatje, McCutcheon
Limited ("LOM") and included Clarus Securities Inc. (the "Agents"). The Agents
exercised the 20% overallotment option for gross proceeds of $18 million to
Western Wind intends to use the net proceeds from the offering to repay
approximately $12.5 million of acquisition loan owed to Pacific Hydro and the
balance will be used for working capital purposes.
Western Wind will use its best efforts to file a prospectus qualifying
the distribution of the common shares and warrants issuable upon exercise or
deemed exercise of the special warrants and to have a decision document issued
for a final prospectus issued by the securities commissions in Canada on or
before July 31, 2008. In the event that a decision document is not received
for a prospectus qualifying the distribution of the common shares and warrants
issuable upon exercise or deemed exercise of the special warrants by
July 31, 2008, each special warrant will be convertible into 1.1 common shares
(in lieu of one common share) and 0.55 warrant (in lieu of one-half warrant).
Western Wind is in the business of acquiring exceptional land sites,
capital and technology for the production of electricity from renewable
sources. Western Wind Energy conducts its operations through its wholly owned
subsidiaries in Arizona and California. Management of Western Wind Energy
includes individuals involved in the operations and ownership of utility scale
wind energy facilities in California since 1981.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chief Executive Officer
Cautionary Note on Forward Looking Statements
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Certain statements included herein are "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995. Management
cautions that forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in the
forward-looking statement. Important factors that could cause the actual
results of operations or financial condition of the Company to differ include,
but are not necessarily limited to, the risks and uncertainties discussed in
documents filed by the Company with the Securities and Exchange Commission.
For further information:
For further information: Western Wind Energy Corp., 1326 - 885 West
Georgia Street, Vancouver, BC, V6C 3E8, Telephone: (604) 685-WIND (9463),
Facsimile: (604) 685-9441, www.westernwindenergy.com