Geysir Green Energy

Geysir Green Energy

October 17, 2007 12:05 ET

Geysir Green Energy Acquires Securities of Western Geopower Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2007) - To comply with securities laws in Canada, Geysir Green Energy ehf. ("Geysir") wishes to announce that on October 12, 2007 it acquired ownership of 4,000,000 warrants of Western GeoPower Corp. ("WGP"), each exercisable to purchase one common share of WGP at $0.25 per share, pursuant to a private agreement at $0.025 per warrant (the "Purchased Warrants"). If all of the Purchased Warrants were exercised, they would represent 2.1% of the outstanding common shares of WGP (assuming exercise only of the Purchased Warrants). Following this transaction, Geysir owns 34,333,334 common shares of WGP, representing approximately 18.8% of WGP's outstanding common shares, and 13,333,334 warrants (the "Warrants"), of which 9,333,334 are exercisable to purchase one common share of WGP at $0.35 per share and 4,000,000 are exercisable to purchase one common share of WGP at $0.25 per share. If all of the Warrants were exercised, Geysir would own 47,666,668 common shares of WGP, representing 24.3% of the outstanding common shares of WGP (assuming exercise only of the Warrants). Geysir's acquisition of WGP warrants in this transaction was for investment purposes only. Geysir may, depending on market and other conditions, acquire additional securities of WGP through market transactions, private agreements or otherwise. Geysir may, depending on market conditions, sell any or all of its securities of WGP.

Contact Information