Western GeoPower Corp.
TSX VENTURE : WGP
FRANKFURT : WE6

Western GeoPower Corp.

June 23, 2009 14:46 ET

Western GeoPower Announces $3.71 Million Warrants Exercise

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2009) - Western GeoPower Corp. (TSX VENTURE:WGP) (FRANKFURT:WE6), 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 Columbia, Canada.

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.

Contact Information

  • Western GeoPower Corp.
    Nicole Robson
    Marketing and Media
    (604) 662-3338 or US/Canada Toll Free: 1-866-662-3322
    Email: info@geopower.ca
    Investor Relations: ir@geopower.ca