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Birmingham - control over 60 million common shares - 25.68 %
Feb 03, 2009 04:40AM
Western GeoPower holder Birmingham buys millions of units
2009-02-02 18:22 ET - News Release
Mr. Robert Bernstein of Birmingham reports
BIRMINGHAM LTD. ACQUIRES UNITS OF WESTERN GEOPOWER CORP.
Birmingham Ltd. has acquired 30 million units of Western GeoPower Corp. at a price of 25 cents per unit, with each unit comprising one common share of Western and one common share purchase warrant.
Each warrant entitles the holder to acquire one additional common share at a price of 45 cents per share until Oct. 3, 2009, and thereafter at a price of 50 cents per share until Oct. 3, 2010.
The exercise of the warrants is subject to an acceleration provision, which provides that if Western's common shares trade at 50 cents or more for 10 consecutive trading days prior to Oct. 3, 2009, or thereafter at 55 cents or more for 10 consecutive trading days prior to Oct. 3, 2020, the expiry of the warrants will accelerate to the date that is 30 days from the date of the acceleration event.
If all of the warrants are exercised, Birmingham will have ownership of or control over 60 million common shares representing 25.68 per cent of western's currently outstanding common shares.
The units were acquired as part of a private placement financing by Western under which Western issued a total of 42,732,906 units for gross proceeds of $10,683,240.
An early warning report has been filed with applicable securities regulatory authorities in Canada in respect of the acquisition. Copies of the report may be obtained from SEDAR or without charge from Birmingham.