Western Wind Energy Corp. has closed a brokered private placement offering of 7 million units, at a price of C$0.65 per unit for gross proceeds of approximately C$4.5 million.
Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share for a period of two years at a price of C$1 per share. The hold periods for the units and the underlying securities expire Sept. 5.
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 120 MW Windstar Project, re-power its Mesa Wind Farm and to continue development of its solar initiative in Ontario.
SOURCE: Western Wind Energy Corp.