An Icelandic geothermal company and the second-largest Icelandic bank have acquired 25 million shares in Vancouver's Western GeoPower Corp. (TSX-V:WGP) in a private placement worth $18.4 million.
Geysir Green Energy and Glitnir Bank picked up the shares at $0.25 each.
As a result of the deal, a Geysir representative will be appointed to Western's board of directors.
The placement is Western's largest equity financing for its 25.5-megawatt power plant at the Geysers Geothermal Field in northern California. The field is one of the largest geothermal sources of electricity in the world. It produces more than 850 megawatts of electricity a year.
Western's share price range during the past week: between $0.27 and $0.31; 52-week high: $0.36; 52-week low: $0.15.