Western Wind Energy Corp. and its wholly owned subsidiary, Aero Energy LLC, have acquired, in an arm's-length transaction, parcels of land located in Tehachapi, Calif.
The purchase price for the Property was $1 million, which was payable as $200,000 in cash and $800,000 in units of the company at a deemed price of $0.65 per unit. The acquisition was originally announced on March 31, 2009.
Each unit comprises one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional share of the company at a price of $1.00 per warrant share for a period of 24 months from the date the units were issued. The hold period for the units and underlying securities expires October 11.
The securities issued in connection with the acquisition of the land 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 U.S. absent registration or an applicable exemption from such registration requirements.
SOURCE: Western Wind Energy Corp.