Wind Works Power Corp. Reports Recent $15 Million Financing as Non-Dilutive
20 Julio 2011 - 6:30AM
Marketwired
Wind Works Power Corp. (OTCQB: WWPW)(FRANKFURT: R5E1)(WKN:
A0RPM2)(PINKSHEETS: WWPW) is pleased to announce an update to the
press release dated July 18, 2011. Management is now reporting the
most recent financing of $15 million is and will remain as
non-dilutive. The investor may, at its sole option, elect to
convert all or part of their investment into project based equity
in any of the projects that were funded using this financing
facility. This project based equity is not and will not be part of
any public stock transaction.
The $15 million financing is a convertible debenture facility,
with no stock transactions involved and a Maturity Date of January
31, 2013. Both interest and principal are due at Maturity. Funding
is subject to satisfactory due diligence by investor on a
project-by-project basis. In such a case, the investor would earn a
49% interest in those specific projects if they elected to convert.
Following conversion, Wind Works shall have the option to
repurchase the project equity upon 30 days' notice.
The financing will be used to fund the development costs of Wind
Works' existing projects in Ontario plus new projects that may be
acquired during the term of the financing. Existing projects in
Ontario include the 7 projects totaling 80MW that have been awarded
FIT contracts represented by Settlers Landing, Snowy Ridge, Grey
Highlands, Cloudy Ridge, Clean Breeze, Ganaraska, and Whispering
Woods, plus the newly-acquired 5MW project announced June 14th.
"With this $15 million, non-dilutive financing, we now have the
funding in place to fully develop our Ontario project portfolio,
plus add to it in a strategic way", comments Dr. Ingo Stuckmann,
Wind Works' President and CEO. "Our objective is to build a stable,
recurring revenue stream by both selling certain projects for a
gain and retaining a royalty interest; and by building other
projects and owning and operating them over the longer-term in our
3 major markets of Ontario, the US, and Germany. We are very
pleased to achieve this financing without leveraging any of our
stock."
On May 5, 2011 Wind Works gave notice terminating the Asset
Purchase Agreement with Premier Renewable Energy, Inc. ("Premier").
The Agreement contemplated the sale of five wind energy projects in
Ontario, Canada totaling 50 megawatts. The five wind parks were:
Settlers Landing, Snowy Ridge, Grey Highlands, Cloudy Ridge and
Clean Breeze.
According to the Agreement Premier was obligated to pay certain
development costs which they failed to do. The Agreement was
therefore terminated for cause and Works has returned to Premier a
total of $950,000 representing the amount of the refundable
deposit. Except for the refundable deposit mentioned above, there
is no further liability to either Wind Works or Premier as a result
of the termination of the agreement. The $15 Million financing
detailed above will be used by Wind Works to develop the 50MW that
were subject to the proposed sale to Premier.
About Wind Works (i) Zero Emission People
Our mission is to provide the opportunity for people to
participate in the development of renewable wind energy projects.
We believe in making sound, environmentally conscious investments
that are good for our shareholders and our planet. To eliminate one
person`s carbon footprint of 20 tons each year (for the US), it
only takes a modern windmill 2 days by producing approx. 40,000
kilowatt hours of zero emission energy. For more information,
please visit: www.windworkspower.com
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein which are not
historical are forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements
including, but not limited to, certain delays beyond the company's
control, inability to successfully conclude negotiations currently
in progress, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission.
Source: Wind Works Power Corp.
Contacts: Investor Relations Taylor Capitol, Inc. Stephen Taylor
(973) 351-3868 info@thestockalerts.com www.thestockalerts.com
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