|By PR Newswire||
|November 19, 2012 12:45 AM EST||
VANCOUVER, British Columbia, November 19, 2012 /PRNewswire/ --
TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 69,058,637
Western Wind Energy Corp. - (the "Company" or Western Wind) has closed a term loan facility with an institutional lender (the "Lender") to borrow, through its wholly-owned subsidiary Western Wind Energy US Corporation ("Western Wind US"), the aggregate sum of US$25,000,000. The term loan is structured in two parts, with the first draw of $15,000,000 being available immediately for repayment of the Company's existing corporate bridge financing, transaction costs, arranging and lending fees, reserve accounts, and is secured by future Windstar cash distributions. The second commitment of $10,000,000 would be available to fund the Company's Yabucoa equity contribution and or the repayment of the REC promissory note to the Yabucoa solar project and to facilitate financial close of project financing, and will be secured by future Yabucoa cash distributions. The term of the loan will be for five (5) years and will bear interest at a base rate of 10.5% per annum plus a variable London Interbank Market rate, which taken altogether including an interest rate hedge, will not exceed a total of 11.5% for the term of the loan. The Yabucoa commitment under the corporate loan agreement expires May 16, 2013 and a commitment interest rate of 4% is charged on the undrawn amount. The loan can be repaid at anytime.
As consideration for advancing the loan, the Company will issue to the Lender an aggregate of 400,000 share purchase warrants (the "Lender's Warrants"). Each Lender's Warrant shall entitle the holder to acquire one additional common share in the capital of the Company at a price of $2.50 per share for a period of five (5) years after the date the Lender's Warrants are issued. An arrangement fee of 3% of the facility is payable in connection with the transaction, in addition to annual agency fee payments of $50,000.
The hold period for the Lender's Warrants and any shares issued upon exercise of the warrants will expire on March 16, 2013.
Western Wind is pleased to complete the above milestone which was stated in its July 30, 2012 News Release as a milestone required prior to the sale of the company. This loan facility retires expensive debt and furnishes extra equity to help complete the Yabucoa financing. The company is pleased with the results so far in the selling process and will release information in due course as permitted by our Advisors.
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated renewable energy production company that wholly owns and operates wind and solar generating facilities with 165 net MW of rated capacity in production in the States of California and Arizona. Western Wind further owns substantial development assets for both solar and wind energy in the US. The Company is headquartered in Vancouver, BC and has branch offices in Scottsdale, Arizona and Tehachapi, California. Western Winds trades on the TSX Venture Exchange under the symbol "WND" and in the United States on the OTCQX under the symbol "WNDEF".
The Company owns and operates three wind energy-generating facilities in California, and one fully integrated combined wind and solar energy generation facility in Arizona. The three operating wind generation facilities in California are comprised of the 120MW Windstar, the 4.5 MW Windridge facilities in Tehachapi, and the 30 MW Mesa wind generation facility near Palm Springs. The facility in Arizona is the Company's 10.5 MW Kingman integrated solar and wind facility. The Company is further developing wind and solar energy projects in California, Arizona, and Puerto Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT ON FROWARD-LOOKING INFORMATION
This news release contains certain statements that may be considered "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "anticipates", "intends", "plans", "believes", "potential", "estimates", "projects" and similar expressions, or that events or conditions "will" "should", "would", "may" or "could", occur. Although Western Wind believes the expectations expressed in the forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those contained in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Western Wind's management on the date the statements are made. Western Wind undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
For further information:
Investor Relations Contact:
Email: [email protected]
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
Aug. 28, 2015 02:15 PM EDT Reads: 113
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Aug. 28, 2015 02:15 PM EDT Reads: 397
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
Aug. 28, 2015 02:00 PM EDT
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Aug. 28, 2015 12:45 PM EDT Reads: 436
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Aug. 28, 2015 12:30 PM EDT
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 28, 2015 12:30 PM EDT Reads: 137
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Aug. 28, 2015 12:30 PM EDT
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Aug. 28, 2015 12:07 PM EDT
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Aug. 28, 2015 12:00 PM EDT Reads: 177
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Aug. 28, 2015 12:00 PM EDT Reads: 440
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 28, 2015 11:30 AM EDT
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 28, 2015 11:15 AM EDT Reads: 801
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 28, 2015 11:00 AM EDT
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 28, 2015 10:00 AM EDT Reads: 257
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 28, 2015 10:00 AM EDT