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Press Release -
Western GeoPower Corp. |
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“Western GeoPower has been quietly building up the project in California first of all as a 25 megawatt size project and over the past five months we have extended the leasehold from six hundred acres to a thousand acres which now enables us to increase the capacity up to 35 megawatts. That is one reason why the project value in California has appreciated over the past few months. Other factors to consider are the power prices in California has increased,..” - Kenneth MacLeod (WGP) (Interview published March 21, 2008) |
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DATE: January 6, 2009 FOR IMMEDIATE RELEASE
TRADING SYMBOLS: TSX-V ( Canada ): WGP.V FRANKFURT : WE6.F
WESTERN GEOPOWER DRAWS DOWN SECOND TRANCHE OF US$8.52 MILLION UNDER ITS SECURED LOAN FACILITY
VANCOUVER , Canada , January 6, 2009, TSX Venture Exchange Trading Symbol: WGP – Western GeoPower Corp., a renewable energy company, today announced that the conditions to the availability of the second tranche of its secured loan facility, previously announced on November 10, 2008, have been satisfied, and that the second tranche of US$8,520,000 has now been drawn down. The initial tranche of US$2,480,000 under the US$11 million secured loan facility was drawn down on November 24, 2008. The proceeds of the loan facility may be used for drilling, project management, development cost, plant equipment, and up to US$300,000 in monthly working capital and general corporate purposes.
About Western GeoPower Corp. Western GeoPower Corp. is a renewable energy company dedicated to the development of geothermal energy projects for the delivery of clean, sustainable, baseload electricity generation. The Company is developing The Western GeoPower Unit 1 geothermal power plant at The Geysers Geothermal Field in California , United States and the South Meager Geothermal Project in British Columbia , Canada . On behalf of the Board of Western GeoPower Corp “ Kenneth MacLeod ” Kenneth MacLeod, President & CEO Cautionary Note Regarding Forward-Looking Statements Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above that reflect the Company’s expectations and projections about its future results. The Company has tried whenever possible to identify these forward-looking statements which include but are not limited to, words such as “anticipates,” believes,” “estimates,” “expects,” “plans,” “intends,” “potential,” and similar expressions. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The Company disclaims any obligation or intention to update or to revise any forward-looking statement, whether as a result of new information, future events or otherwise. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. This news release is not for dissemination in the United States of America or to United States of America news services.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. For more information or to be put on our email list, please contact our office: (604) 662-3338 or US/Canada Toll Free: 1-866-662-3322, email: info@geopower.ca Investor Relations: IR@geopower.ca
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