TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 69,820,125
VANCOUVER,
Dec. 18, 2012 /CNW/ - Western Wind
Energy Corp. - (the "Company" or "Western Wind") (TSX Venture
Exchange - "WND") (OTCQX - "WNDEF") is pleased to announce that it
has been successful in extending $25
million in short term notes to various extended due dates up
to and including April 2013. The
extensions allow Western Wind to match the extended due dates of
these loans with the expected receipt of the additional Windstar
cash grant payment, the expected close of the Yabucoa financing and
other expected cash inflows over this time period.
The short term loan extensions with all of our
vendors and institutional lenders help the sale process by removing
uncertainty regarding liquidity.
Jeff Ciachurski of Western Wind Energy states "I would like
to extend by appreciation to the various lenders for their
continued support of Western Wind and providing the time needed to
fully repay the Company's obligations in a manner that allows
Western Wind to meet its various goals and objectives including the
sale of the Company."
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated
renewable energy production company that owns and operates wind and
solar generation 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 U.S. The Company is headquartered in Vancouver, BC and has branch offices in
Scottsdale, Arizona and
Tehachapi, California.
Western Wind 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
generation 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 4.5MW Windridge facilities in Tehachapi, and the 30MW Mesa wind generation
facility near Palm Springs.
The facility in Arizona is the
Company's 10.5MW 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
"SIGNED"
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 FORWARD-LOOKING INFORMATION
This news release contains certain statements
that may be considered "forward-looking statements, such as
references to the intended sale of Western Wind and its assets.
Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. The forward-looking statements in this press
release include statements regarding the value of a potential sale
of the Company based on expressions of interest received from
auction participants, alternative sales discussions with third
parties and potential transactions resulting from such discussions.
The forward-looking statements included in this press release are
based on reasonable assumptions, including that the expressions of
interest and discussions with third parties may result in a higher
potential sales price and that the Company will be able to
successfully negotiate and complete a sale with a third party.
Factors that may cause results to vary from anticipations include
the risk that the Company may not be able to successfully negotiate
a sale on terms more favourable than pursuant to the Offer and even
if it is able to negotiate such a sale, that may not be able to
satisfy applicable conditions, including receipt of requisite
approvals, or complete the transaction. Although Western Wind
believes the expectations expressed in the forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future outcomes and actual results may differ
materially from those contained in 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.
SOURCE Western Wind Energy