Polaris Geothermal exercising warrants worth US$ 7.9 million
Alexander Richter
12 Aug 2009
Polaris Geothermal announces successful exercise of warrants worth US$ 7.9 million.
In a statement of today, “Polaris Geothermal Inc. (TSX:GEO) announced that Exploration Capital Partners 2000 Limited Partnership (“ECP”) has exercised 19,095,300 common share purchase warrants at an exercise price of C$0.45 per share for aggregate gross proceeds to the Company of C$8,592,885 (the “Warrant Exercise”). Pursuant to the Warrant Exercise, Polaris has issued a total of 19,095,300 common shares to ECP, such shares being subject to the hold periods required by applicable securities law.”
Polaris Geothermal develops the San Jacinto geothermal power project in Nicaragua and is part of the group of companies that are currently discussing to merge to a new power player. The group includes Western GeoPower, Ram Power, GTO Resources and Polaris.
Source: Company announcement via Trading Markets
