Polaris Infrastructure raising funds of up to $25m for development purposes
Polaris Infrastructure has announced a private placement of up to $25 m to be used for corporate purposes and possibly pursue corporate development opportunities.
Polaris Infrastructure Inc. (TSX:PIF) announced that it has increased the size of its previously announced private placement of convertible debentures to $20,000,000. In addition, Cormark Securities Inc., Clarus Securities Inc., and a syndicate of agents will now have an option to sell an additional $5,000,000 in Convertible Debentures under the offering for total gross proceeds of $25,000,000 (if exercised in full).
As previously announced, the Company intends to use the net proceeds of the offering for general corporate purposes and to provide the flexibility to pursue further corporate development opportunities in Peru and similar jurisdictions in Latin America.
Polaris Infrastructure operates the 72 MW San Jacinto geothermal project located in Nicaragua and a 5 MW run-of-river project in Peru. The Company is also completing the construction of another 28 MW of run-of-river projects also located in Peru. It has further announced an interest in further hydro projects, but it is not clear if this excludes further potential geothermal development.
Source: Polaris Infrastructure release via Newswire
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