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Gold/Mining/Energy : Vector Wind Energy Inc.

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From: Copperfield	5/21/2006 1:39:35 PM
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Vector Wind Energy secures funding By Ottawa Business Journal Staff Thu, Apr 27, 2006 Vector Wind Energy Inc. said Thursday it has completed a private placement that has raised gross proceeds of $538,250 to help develop its wind power projects across Canada. The Ottawa firm said it has placed 416,429 common share units at 35 cents per unit and 1,019,481 flow-through shares at 38.5 cents per share. Vector says it has 23 active project areas around the country at various stages of exploration and development. "These projects have the potential to support over 1,000MW of wind energy capacity," the company says. In March Vector acquired the Royal Road wind development project from TransAlta Corp., located in Prince Edward County, and signed a memorandum of understanding for a wind power project on Manitoulin Island. That memorandum was with the M'Chigeeng First Nation to help develop its 10 Megawatt "Mother Earth" wind project. The project is proceeding under a standing offer contract announced by the Ontario government. Vector values its work on the project at $1 million over 12 months.

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