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Western GeoPower Announces $6M Financing

Western GeoPower Corp.(WGP.V; WE6.F), announced it will raise $6 million in a private placement to continue the current development program at its South Meager Geothermal Project. The financing will comprise of a minimum of 30,000,000 units at a price of $0.20 per unit. Each Unit is comprised of one share and one share purchase warrant, each warrant entitling the holder to purchase one additional share at a price of $0.35 per share for a period of three years. The Agent has reserved the right to substitute up to $1,000,000 of the financing with up to 5,000,000 flow-through shares at a price of $0.20 per share. Closing of the financing is scheduled for December 9, 2005 (“Closing Date”). The proceeds of the financing will be used to conduct the flow-testing of the recently-drilled geothermal wells, MC-6; MC-7 and MC-8 to enable the completion of a feasibility study for the South Meager Geothermal Project; to repay $2,000,000 against the Quest Loan Facility; and for general working capital purposes. Western GeoPower Corp. is dedicated to the development of its 100% owned South Meager Geothermal Project, held under a geothermal lease for the commercial generation of electricity. The project, located 170 kilometers north of […]

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Earth Biofuels Acquires Biodiesel Distributor

Earth Biofuels, Inc. (OTCBB:EBOF) has acquired The Wing Sail Company, Inc., dba Distribution Drive, through a share exchange agreement. Distribution Drive has distributed biodiesel fuel since October 2003, initially in the state of Texas. Over the past two years, the distribution network has grown to include customers in the states of Georgia, South Carolina and portions of California. In January of 2005, Distribution Drive became the only distributor of Willie Nelson’s “BioWillie” biodiesel fuel. Earth Biofuels CEO, Tommy Johnson, stated, “This acquisition provides an immediate distribution vehicle for Earth Biofuels’ biodiesel fuel. Distribution Drive currently distributes both 100% biodiesel fuel (B100) as well as 20% blended biodiesel (B20) and is able to take advantage of government biodiesel tax credits. Distribution Drive’s delivered volumes of B100 biodiesel have grown over the past 10 months at an average rate of over 30% per month.” Earth Biofuels produces biodiesel fuel for sale and distribution through the company’s network of wholesale and retail outlets. The Company is focused on capitalizing on the growing demand for alternative and renewable fuels in the domestic market. Website: [sorry this link is no longer available]     

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