News

Western GeoPower draws down tranche of secured loan facility

Alexander Richter 6 Jan 2009

The company just announced "that the conditions to the availability of the second tranche of its secured loan facility, previously announced on November 10, 2008, have been satisfied, and that the second tranche of US$8,520,000 has now been drawn down.

The company just announced “that the conditions to the availability of the second tranche of its secured loan facility, previously announced on November 10, 2008, have been satisfied, and that the second tranche of US$8,520,000 has now been drawn down. The initial tranche of US$2,480,000 under the US$11 million secured loan facility was drawn down on November 24, 2008.

The proceeds of the loan facility may be used for drilling, project management, development cost, plant equipment, and up to US$300,000 in monthly working capital and general corporate purposes.”

Source: Company Statement