/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES
NEWS WIRE SERVICES/
Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 36,703,251
VANCOUVER, May 6 /CNW/ - Western Wind Energy Corp. ("Western Wind" or the
"Company") is pleased to announce that it has closed a brokered private
placement offering (the "Offering") of 7,015,700 units ("Units") at a price of
$0.65 per Unit for gross proceeds of $4,560,205. Each Unit is comprised of one
(1) common share and one (1) half of one share purchase warrant. Each whole
warrant entitles the holder to purchase one (1) additional common share for a
period of two years at a price of $1.00 per share. The hold periods for the
Units and the underlying securities expires on September 5, 2009.
Loewen Ondaatje McCutcheon Limited ("LOM") acted as agent in the Offering
and, in consideration for their services, Western Wind paid the Agent a
commission equal to 7% of the gross proceeds of the Offering. In addition,
Western Wind issued to LOM 491,099 broker's warrants entitling LOM to acquire,
subject to certain anti-dilution provisions set out in the Agency Agreement,
one Unit (an "Agent's Unit"), for a period of 24 months from the closing date
of the Offering. Each Agent's Unit is comprised of one common share and
one-half of one share purchase warrant. One whole warrant entitles LOM to
acquire one additional common share (an "Agent's Warrant Share") at a price of
$1.00 per Agent's Warrant Share for a period of 24 months from the closing
date of the Offering.
Western Wind intends to use the proceeds from the Offering, in part, to
secure a letter of credit on behalf of Southern California Edison in
connection with its power purchase agreement and to fund development
activities on the 120MW Windstar Project, the re-powering of our Mesa Wind
Farm and to continue development of our solar initiative in the Province of
The offered securities will not be registered under the United States
Securities Act of 1933, as amended, or applicable state securities laws, and
may not be offered or sold in the United States absent registration or an
applicable exception from such registration requirements.
About Western Wind Energy Corp.
Western Wind Energy Corp. is a wind energy electrical production company
that currently has over 500 wind turbines with 34.5 MW of rated capacity and a
further 120MW of expansion power purchase agreements in the State of
California. Western Wind Energy is in the business of acquiring land sites and
technology for the production of electricity from wind energy. 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
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.
Certain statements in this press release constitute "forward-looking
statements" under applicable securities laws, which involve known and unknown
risks, uncertainties and other factors that may cause actual results to be
materially different from any future results, performance or achievements
expressed or implied by such statements. Words such as "expects",
"anticipated", "intends", "projects", "plans", "will", "believes", "seeks",
"estimates", "should", "may", "could" and variations of such words and similar
expressions are intended to identify such forward-looking statements. Such
statements in this news release include, but are not limited to, the Company's
intended use of proceeds from the Offering. These statements are based on
management's current expectations and beliefs and actual events or results may
differ materially. There are many factors that could cause such actual events
or results expressed or implied by such forward-looking statements to differ
materially from any future results express or implied by such statements. Such
factors include, but are not limited to, the Company's ability to secure a
letter of credit on behalf of Southern California Edison, that the funds
raised are sufficient to advance its projects as anticipated, and the other
factors discussed in the Company's annual report and annual information
contained in the Company's 20F Annual Report filed with the United States
Securities and Exchange Commission and securities regulators in Canada.
Forward-looking statements are based on current expectations and the Company
assumes no obligation to update such information to reflect later events or
developments, except as required by law.
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