Geysir Green Energy sells its shares in Western GeoPower

Alexander Richter 7 Oct 2009

Geysir Green Energy has divested its holding in Western GeoPower Corp. and sold its shares for $0.18 per share for an aggregate gross of CAD$8,520,000.

In a release earlier this week, Icelandic Geysir Green Energy tells that it “has divested its holding in Western GeoPower Corp. (TSX VENTURE:WGP).

In the transaction, Geysir Green Energy divested its entire holding, a total of 16.0 percent stake in Western GeoPower Corp of 47,333,334 shares at a price of CAD$0.18 per share for aggregate gross of CAD$8,520,000. The proceeds from the sale of the shares will be used to develop Geysir’s projects in other markets and debt repayment of the Geysir organization. The sale of the share is a part of the company’s objective to focus its efforts on increasing installed capacity in operating geothermal power and heating plants in Iceland and China.”

Source: Company release