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NEWS RELEASE
DATE: July 30, 2009 FOR IMMEDIATE RELEASE
TRADING SYMBOLS: TSX-V (CANADA): WGP.V FRANKFURT: WE6.F
WESTERN GEOPOWER OBTAINS US$1.35 MILLION INCREASE TO SECURED LOAN FACILITY
VANCOUVER, Canada, June 30, 2009, TSX Venture Exchange Trading Symbol: WGP - Western GeoPower Corp., a renewable energy company, today announced that it has obtained an increase in the amount available under its existing secured loan facility (previously announced on January 26, 2009) from US$11 million to US$12.35 million. Under the terms of the amended loan facility, the additional tranche of US$1.35 million will be available to the company when certain conditions precedent to that tranche have been met, which are the discharge of any liens other than permitted liens, payment of certain lending fees and expenses, and that no event of default then exists. Interest will be payable on this new tranche at a rate of 1.25% per month and the new tranche will be repayable on June 30, 2010.
The proceeds of the loan may be used for drilling, project management, project finance, development cost, plant equipment, and up to US$500,000 in monthly working capital and general corporate purposes.
The company will file a material change report as soon as practicable after issuing this press release. The material change report will be filed less than 21 days prior to the closing of the amended loan agreement. The timing of the material change report is, in the company's view, both necessary and reasonable because the terms of the amended loan agreement were settled and approved by the company's board of directors and the company requires immediate funding to maintain the schedule for its project at The Geysers Geothermal Field and to satisfy current liabilities.
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; the South Brawley geothermal project in Imperial County, 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
Certain statements in this press release contain forward-looking information within the meaning of applicable securities laws in Canada ("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 to identify forward-looking information, although not all forward-looking information contains these identifying words.
The forward-looking information in this press release includes, but is not limited to: the Company will file a material change report as soon as practicable after issuing this press release.
The forecasts and projections that make up the forward-looking information are based on assumptions which include, but are not limited to: the Company is not subjected to any material adverse events normally associated with exploration, development and production of natural resources; the Company is not subjected to additional governmental regulation and that political attitudes towards geothermal production does not change; the Company is able to remain in compliance with its debt obligations; the Company's resource estimates are accurate; the Company's insurance is adequate and that it does not incur any material uninsured liability; the Company is able to comply with environmental regulations; the Company has access to suitable infrastructure; no title defects affect the Company's properties; the Company receives necessary permits on acceptable terms; no material new competition; no significant fluctuation in currency exchange rates and interest rates; the Company is able to access additional capital; no material fluctuations in energy prices; continued access to the Company's key personnel; and, no conflicts of interest arise.
The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results to differ from current expectations include, but are not limited to: risks normally associated with exploration, development and production of natural resources; risks relating to government regulation; risks relating to indebtedness; risks relating to the reliability of resource estimates; no history of geothermal production; insurance and uninsured risks; environmental risks and hazards; lack of access to required infrastructure; land title defects; risks relating to obtaining permits on acceptable terms; competition; fluctuations in currency exchange rates and interest rates; risks relating to raising additional capital; fluctuations in energy 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 in its entirety by this cautionary statement and, except as may be required by law, the Company undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
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 Nicole Robson - Marketing and Media: 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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Western GeoPower Corp. 837 West Hastings Street Suite 411 Vancouver, BC<br>V6C 3N6 Canada
WKN: 254049; ISIN: CA95827Q1037; ;
SOURCE: Western GeoPower Corp.
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