Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 53,515,034
VANCOUVER, Dec. 3 /PRNewswire-FirstCall/ - Western Wind Energy Corp. (the "Company") is pleased to announce that further to its news releases of November 15, 2010 and November 29, 2010, it has closed the first tranche of the private placement and has issued 914,482 Units of the Company at a price of $1.00 per Unit for gross proceeds of $914,482. Each Unit is comprised of one common share of the Company and one half of one share purchase warrant. One whole warrant entitles the holder to purchase one additional share of the Company at a price of $1.25 per share until November 30, 2012. The securities are subject to a hold period which expires on March 31, 2011.
In connection with the offering, the Company paid finders' fees of $64,013.74 and issued 64,013 finder's warrants. Each finder's warrant entitles the holder to purchase one unit of the Company (a "Finder's Unit") at a price of $1.00 per share until November 30, 2012. The Finder's Units have the same characteristics as the Units sold in the offering and are also subject to a hold period which expires on March 31, 2011.
About Western Wind Energy Corp.
Western Wind is a vertically integrated renewable energy electrical production company that currently owns over 500 wind turbines with 34.5 MW of rated capacity and a further 131 MW of expansion power purchase agreements in the States of California and Arizona. Western Wind further owns additional development assets for both solar and wind energy in California, Arizona, Ontario, Canada and in the Commonwealth of Puerto Rico.
Western Wind is in the business of owning and acquiring land sites and technology for the production of electricity from wind and solar energy. Management of Western Wind 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", "anticipates", "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 expressed or implied by such statements. Such factors include, but are not limited to, the Company's ability to profitably utilize the lands as planned 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.
SOURCE Western Wind Energy