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DATE: June 23, 2009 FOR IMMEDIATE RELEASE
TRADING SYMBOLS: TSX-V (CANADA): WGP.V FRANKFURT: WE6.F
WESTERN GEOPOWER ANNOUNCES $3.71 MILLION WARRANTS EXERCISE
VANCOUVER, Canada, June 23, 2009, TSX Venture Exchange Trading
Symbol: WGP - Western GeoPower Corp., a renewable energy company,
today 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."
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 Sonoma County, California, United States;
the South Brawley geothermal project in Imperial County, California,
United States; and the South Meager geothermal project in British
On behalf of the Board of Western GeoPower Corp
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 funds will facilitate the ongoing development
of the Western GeoPower Unit 1 power plant at the Geysers geothermal
field in California.
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. 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.
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Nicole Robson - Marketing and Media: Office (604) 662-3338 or
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Western GeoPower Corp.
837 West Hastings Street Suite 411 Vancouver,
BC<br>V6C 3N6 Canada
WKN: 254049; ISIN: CA95827Q1037;