Financing News Release WESTERN WIND CLOSES US$25,000,000 TERM LOAN FACILITY
Vancouver, BC – November 19, 2012 - Western Wind Energy Corp. - (the “Company” or
Western Wind) has closed a term loan facility with an institutional lender (the “Lender”) to
borrow, through its wholly-owned subsidiary Western Wind Energy US Corporation (“Western
Wind US”), the aggregate sum of US$25,000,000. The term loan is structured in two parts, with
the first draw of $15,000,000 being available immediately for repayment of the Company’s
existing corporate bridge financing, transaction costs, arranging and lending fees, reserve
accounts, and is secured by future Windstar cash distributions. The second commitment of
$10,000,000 would be available to fund the Company’s Yabucoa equity contribution and or the
repayment of the REC promissory note to the Yabucoa solar project and to facilitate financial
close of project financing, and will be secured by future Yabucoa cash distributions. The term of
the loan will be for five (5) years and will bear interest at a base rate of 10.5% per annum plus a
variable London Interbank Market rate, which taken altogether including an interest rate hedge,
will not exceed a total of 11.5% for the term of the loan. The Yabucoa commitment under the
corporate loan agreement expires May 16, 2013 and a commitment interest rate of 4% is charged
on the undrawn amount. The loan can be repaid at anytime.
As consideration for advancing the loan, the Company will issue to the Lender an aggregate of
400,000 share purchase warrants (the “Lender’s Warrants”). Each Lender’s Warrant shall entitle
the holder to acquire one additional common share in the capital of the Company at a price of
$2.50 per share for a period of five (5) years after the date the Lender’s Warrants are issued.
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An arrangement fee of 3% of the facility is payable in connection with the transaction, in
addition to annual agency fee payments of $50,000.
The hold period for the Lender’s Warrants and any shares issued upon exercise of the warrants
will expire on March 16, 2013.
Western Wind is pleased to complete the above milestone which was stated in its July 30, 2012
News Release as a milestone required prior to the sale of the company. This loan facility retires
expensive debt and furnishes extra equity to help complete the Yabucoa financing. The company
is pleased with the results so far in the selling process and will release information in due course
as permitted by our Advisors.