BROOKFIELD RENEWABLE ACQUIRES COMMON SHARES OF WESTERN WIND Brookfield Renewable Energy Partners LP has acquired an aggregate of 10,727,506 common shares and 319,741 warrants of Western Wind Energy Corp., pursuant to securities purchase agreements with a third party institutional investor dated Aug. 28, 2012. The securities were acquired for cash consideration of $2.25 per common share and $1 per warrant.
As a result of the acquisition of securities, Brookfield Renewable now owns and controls 10,727,506 common shares of Western Wind, representing approximately 16.2 per cent of the issued and outstanding common shares, and 319,741 warrants that, if exercised, would represent approximately an additional 0.5 per cent of the presently issued and outstanding common shares.
In light of the announcement by Western Wind that it has commenced a process to sell the company or its assets, Brookfield Renewable and the vendor have agreed that if any party acquires Western Wind at a higher price by Aug. 28, 2013, Brookfield Renewable would pay the vendor an additional amount. In connection with the transaction, the vendor has granted Brookfield Renewable an irrevocable proxy to vote the common shares, including at the Western Wind annual shareholder meeting currently scheduled for Sept. 25, 2012. The vendor also provided Brookfield Renewable with the right, for a period of one month, to purchase an additional 277,103 common shares of Western Wind held by the vendors on the same terms and conditions as the purchase of the common shares, which would increase Brookfield Renewable's ownership and control to approximately 16.7 per cent of the issued and outstanding common shares.
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