WESTERN GEOPOWER OBTAINS US$1.35 MILLION INCREASE TO SECURED LOAN
FACILITY
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ NEWS RELEASEDATE: July 30, 2009 FOR IMMEDIATE RELEASETRADING SYMBOLS: TSX-V (CANADA): WGP.V FRANKFURT: WE6.F WESTERN GEOPOWER OBTAINS US$1.35 MILLION INCREASE TO SECURED LOAN FACILITYVANCOUVER, Canada, June 30, 2009, TSX Venture Exchange TradingSymbol: WGP - Western GeoPower Corp., a renewable energy company,today announced that it has obtained an increase in the amountavailable under its existing secured loan facility (previouslyannounced on January 26, 2009) from US$11 million to US$12.35million. Under the terms of the amended loan facility, theadditional tranche of US$1.35 million will be available to thecompany when certain conditions precedent to that tranche have beenmet, which are the discharge of any liens other than permitted liens,payment of certain lending fees and expenses, and that no event ofdefault then exists. Interest will be payable on this new tranche ata rate of 1.25% per month and the new tranche will be repayable onJune 30, 2010.The proceeds of the loan may be used for drilling, projectmanagement, project finance, development cost, plant equipment, andup to US$500,000 in monthly working capital and general corporatepurposes.The company will file a material change report as soon as practicableafter issuing this press release. The material change report will befiled less than 21 days prior to the closing of the amended loanagreement. The timing of the material change report is, in thecompany's view, both necessary and reasonable because the terms ofthe amended loan agreement were settled and approved by the company'sboard of directors and the company requires immediate funding tomaintain the schedule for its project at The Geysers Geothermal Fieldand to satisfy current liabilities.About Western GeoPower Corp.Western GeoPower Corp. is a renewable energy company dedicated to thedevelopment of geothermal energy projects for the delivery of clean,sustainable, baseload electricity generation. The Company isdeveloping The Western GeoPower Unit 1 geothermal power plant at TheGeysers Geothermal Field in California, United States; the SouthBrawley geothermal project in Imperial County, California, UnitedStates; and the South Meager Geothermal Project in British Columbia,Canada.On behalf of the Board of Western GeoPower Corp"Kenneth MacLeod"Kenneth MacLeod, President & CEOCautionary Note Regarding Forward-Looking StatementsCertain statements in this press release contain forward-lookinginformation within the meaning of applicable securities laws inCanada ("forward-looking information"). The words "anticipates","believes", "budgets", "could", "estimates", "expects", "forecasts","intends", "may", "might", "plans", "projects", "schedule", "should","will", "would" and similar expressions are often intended toidentify forward-looking information, although not allforward-looking information contains these identifying words.The forward-looking information in this press release includes, butis not limited to: the Company will file a material change report assoon as practicable after issuing this press release.The forecasts and projections that make up the forward-lookinginformation are based on assumptions which include, but are notlimited to: the Company is not subjected to any material adverseevents normally associated with exploration, development andproduction of natural resources; the Company is not subjected toadditional governmental regulation and that political attitudestowards geothermal production does not change; the Company is able toremain in compliance with its debt obligations; the Company'sresource estimates are accurate; the Company's insurance is adequateand that it does not incur any material uninsured liability; theCompany is able to comply with environmental regulations; the Companyhas access to suitable infrastructure; no title defects affect theCompany's properties; the Company receives necessary permits onacceptable terms; no material new competition; no significantfluctuation in currency exchange rates and interest rates; theCompany is able to access additional capital; no materialfluctuations in energy prices; continued access to the Company's keypersonnel; and, no conflicts of interest arise.The forward-looking information is subject to risks, uncertaintiesand other factors that could cause actual results to differmaterially from historical results or results anticipated by theforward-looking information. The factors which could cause results todiffer from current expectations include, but are not limited to:risks normally associated with exploration, development andproduction of natural resources; risks relating to governmentregulation; risks relating to indebtedness; risks relating to thereliability of resource estimates; no history of geothermalproduction; insurance and uninsured risks; environmental risks andhazards; lack of access to required infrastructure; land titledefects; risks relating to obtaining permits on acceptable terms;competition; fluctuations in currency exchange rates and interestrates; risks relating to raising additional capital; fluctuations inenergy prices; reliance on key personnel; conflicts of interest; and,other risks described in the Company's Management Discussion &Analysis and other continuous disclosure documents.All forward-looking information in this press release is qualified inits entirety by this cautionary statement and, except as may berequired by law, the Company undertakes no obligation to revise orupdate any forward-looking information as a result of newinformation, future events or otherwise after the date hereof.The TSX Venture Exchange does not accept responsibility for theadequacy or accuracy of this release.For more information or to be put on our email list, please contactNicole Robson - Marketing and Media: Office (604) 662-3338 orUS/Canada Toll Free: 1-866-662-3322, email: info(at)geopower.ca InvestorRelations: ir(at)geopower.ca --- End of Message ---Western GeoPower Corp.837 West Hastings Street Suite 411 Vancouver, BC
V6C 3N6 CanadaWKN: 254049; ISIN: CA95827Q1037; ;
Datum: 31.07.2009 - 02:00 Uhr
Sprache: Deutsch
News-ID 4186
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 302 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"WESTERN GEOPOWER OBTAINS US$1.35 MILLION INCREASE TO SECURED LOAN
FACILITY"
steht unter der journalistisch-redaktionellen Verantwortung von
Western GeoPower Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
