Western Wind Energy Corp. has announced that formal credit committee approval has been obtained by Rabobank Nederland, which acted as cash-grant lender.
All parties are now working toward closing the entire credit facilities, and an announcement will be made upon the completion of all diligence of documentation and satisfaction of applicable conditions, according to the company.
Western Wind has also negotiated a nonbrokered private placement offering of 2.3 million units at a price of C$1 per unit for gross proceeds of C$2.3 million. Each unit is 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$1.25 per share.
PI Financial Corp. (PI) will act as an adviser in connection with 1.1 million units of the offering. Western Wind will pay PI a cash commission equal to 7% of the gross proceeds of the 1.1 million units. In addition, Western Wind will issue to PI 77,000 broker's warrants, entitling PI to acquire 77,000 units for a period of 24 months from the closing date.
SOURCE: Western Wind Energy Corp.