Western Wind Energy Corp. has announced that it has closed a non-brokered private placement of 1.55 million units at a price of $2.00 per unit for gross proceeds of $3.1 million.
Each unit comprises 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 $2.00 per share until Jan. 20, 2014. The securities are subject to a hold period, which expires on May 21.
In connection with the offering, the company paid PI Financial Corp. a finder's fee of $217,000 in cash and issued to PI 108,500 share purchase warrants. Each finder's warrant entitles the holder to purchase one common share of the company at a price of $2.00 per share until Jan. 20, 2014. The finder's warrants have the same terms as the units and are also subject to a hold period that expires on May 21.
The company will use the net proceeds to continue development on its Yabucoa Project, located in Puerto Rico, for potential future acquisitions and for general working capital.