In a company release, Western GeoPower Corp., announced the receipt of $3,710,000 from the exercise of
26,500,000 share purchase warrants which had been issued in January 2009 in partial consideration for a secured loan facility. The warrants were exercised by 3 parties: Amalgamated International Holdings SA exercised 9,000,000 warrants; Exploration Capital Partners 2008 Limited Partnership exercised 11,136,364 warrants; and Resource Capital Investment Corp. exercised 6,363,636 warrants.

“We are pleased to report that the lenders who participated in the secured loan facilities of late 2008 and early 2009 continue to support the Company through their exercise of warrants,” said Kenneth MacLeod. President and CEO of Western GeoPower. “The funds will facilitate the ongoing development of the Western GeoPower Unit 1 power plant at the Geysers geothermal field in California.”

The Company is developing The Western GeoPower Unit 1 geothermal power plant at The Geysers Geothermal Field in Sonoma County, California, United States; the South Brawley geothermal project in Imperial County, California, United States; and the South Meager geothermal project in British Columbia, Canada.

Source: Company announcement via PR Inside