Hi xanadu90 - thanks for your post. I would welcome posts on other companies as well. I am new to geothermal and am still getting up to speed on it. Geothermal, at least for power generation, is not applicable everywhere. As I understand it, you need to be in an area where the heat from the core (magma? I forgot my Earth Science 101) is close enough to the surface to generate hot water or steam. Iceland uses geothermal to provide a very large percentage of their power generation needs. Anyway, WGP.v is focusing on the "Ring of Fire" which explains the locations they have chosen in BC, California and Chile.
WGP.v is a young company compared to its peers, but I think they've been going at this since 2001, so they do have some history. I was also interested to learn that an Iceland-based company now holds about 27% of the company. Those guys have deep GT experience, so I was glad to see them have so much confidence in WGP.v. Here is an excerpt from the news release regarding the most recent private placement:
The entire private placement of 25,000,000 shares of Western GeoPower at $0.25 per share for proceeds of $6,250,000 has been purchased by one strategic investor, Iceland-based geothermal developer, Geysir Green Energy. The shares will be subject to a four month hold period ending December 30, 2007. No commissions were paid with respect to the private placement. Following this transaction, Geysir owns 34,333,334 common shares of Western GeoPower, representing approximately 18.8 per cent of Western GeoPower’s outstanding common shares, and 9,333,334 warrants exercisable to purchase one common share of Western GeoPower at $0.35 per share.
Geysir Green Energy was formed in early 2007 with a mission to become a leading investor in geothermal power projects. Geysir is pursuing expansion through mergers and acquisitions and the development of new projects. Well capitalized to realize on its goals, Geysir has a suite of directors, management and technical staff with considerable experience in geothermal funding, development and operations. Geysir is investing in the development and construction of geothermal plants, acquiring interests in geothermal plants currently owned by power utilities and participating in the privatization of energy companies in various parts of the world.
“Our purchase of an equity interest in Western GeoPower fits perfectly with our plan to be a participant in the largest energy market in the world – the United States,” said Mr. Margeirsson. “We look forward to assisting Western GeoPower in expanding its capacity to acquire and develop additional projects.”
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