Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 55,261,986
VANCOUVER, Dec. 23 /PRNewswire/ - Western Wind Energy Corp ("Western Wind" or the "Company") is please to announce that it will seek TSX Venture Exchange approval to file a Normal Course Issuer Bid to re-purchase 20 Million common shares of Western Wind through the facilities of the TSX Venture Exchange. Western Wind will require TSX Venture Exchange approval on the amount, price and timing.
Upon closing and receiving $273 Million and a further $26 Million in loan funding for the Windstar and Kingman projects, Western Wind, pursuant to the ARRA, is entitled to not only receive 30% of the qualified expenditures by way of a tax free cash grant, but also receive proceeds from the sale of 100% of the entire capital expenditures by way of 100% bonus depreciation. A minority portion of the proceeds of the bonus depreciation will be used for the Normal Course Issue Bid.
About Western Wind Energy Corp.
Western Wind is a vertically integrated renewable energy electrical production company that currently owns over 500 wind turbines with 165.5 MW of rated capacity either in production or in construction 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 has a development team 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 "SIGNED" 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.
"Western Wind Energy Corp. was recognized as a TSX Venture 50(R) company in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license."
SOURCE Western Wind Energy