UPDATE: Western Wind Energy Executes Term Sheet to Acquire 4,000 MW Wind Project Pipeline; Shares Slip 2%
Western Wind Energy Corp. (WND.V) announced it has executed a Term Sheet with Champlin/GEI Wind Holdings to acquire the rights and title to a 4,000 MW wind energy development pipeline, with near term projects in Hawaii and Utah. Additional large projects are in California and throughout the US in niche markets with strong Renewable Portfolio Standards and Power Purchase Agreement pricing.
Cost of the acquisition is US$20 Million, payable by the issuance of 8 Million common shares at a deemed value of US$2.50 per share. The term sheet will be subject to completion of due diligence, formal documentation, board approvals and approval of the TSX and the applicable securities regulatory agencies including applicable escrow provisions.
WND has slipped about 2% to the lower end of a $1.55 to $1.58 range. More than 9,000 WND shares have changed hands.
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