In connection with the offering, the Company paid PI Financial Corp. (‘PI’) a finder’s fee of $217,000 in cash and issued to PI 108,500 share purchase warrants (the ‘Finder’s Warrants’). Each Finder’s Warrant entitles the holder to purchase one common share of the Company (the ‘Finder’s Warrant Share’) at a price of $2.00 per share until January 20, 2014. The Finder’s Warrants have the same terms as the Units and are also subject to a hold period which expires on May 21, 2011.
The Company will use the net proceeds to continue development on its Yabucoa Project located in Puerto Rico, for potential future acquisitions and for general working capital.
Western Wind Energy Corp. (OTCQX: WNDEF; TSXV: WND) trades in the United States on the OTCQX under the symbol ‘WNDEF’ and on the TSX Venture Exchange under the symbol ‘WND’. Western Wind is a vertically integrated renewable energy production company that currently owns over 165.5 MW of rated solar and wind capacity either in production in the States of California and Arizona. Western Wind further owns substantial additional development assets for both solar and wind energy in California, Arizona, Ontario, Canada and in the Commonwealth of Puerto Rico.
Western Wind is in the business of owning and operating wind power and solar energy generating facilites. Management of Western Wind includes individuals involved in the operations and ownership of utility scale wind energy facilities in California since 1981.