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Message: Extends Repayment Date for Promissory Notes

Extends Repayment Date for Promissory Notes

posted on Jan 30, 2009 12:48PM
January 30, 2009
Western GeoPower Extends Repayment Date for Promissory Notes
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2009) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO UNITED STATES OF AMERICA NEWS SERVICES.

Western GeoPower Corp. (TSX VENTURE:WGP) (FRANKFURT:WE6), a renewable energy company, today announced that Kenneth MacLeod, the President and Chief Executive Officer of the company, has agreed to extend the repayment date for $400,000 in promissory notes owed by the Company to Mr. MacLeod. The promissory notes will now be repayable in December of 2010 subject to early repayment in the event of a default. The promissory notes will now mature at the same date as the Company's US$11 million Secured Loan Facility as announced November 10, 2008. In consideration for agreeing to extend the repayment date of the promissory notes, the company will, subject to the approval of the TSX Venture Exchange, issue to Mr. MacLeod, 592,593 common shares of the company. The common shares will be subject to a four month hold period from their date of issuance.

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 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
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