U.S. Geothermal raises $4.4 million for project advancements
San Emidio power plant in Nevada, U.S. (Source: U.S. Geothermal)
Alexander Richter
27 Dec 2012
U.S. Geothermal Inc. raises $4.4 million in a placement of shares to finance costs with the refinancing of the San Emidio construction loan and to continue the advancement of the El Ceibillo project in Guatemala.
U.S. Geothermal Inc. (TSX:GTH) announced last week that “it entered into agreements with a number of investors, pursuant to which they have agreed to acquire, in total, approximately 11,810,816 Units of the Company at a price of $0.37 per Unit.
Each Unit consists of one share of common stock of the Company and one half of one common stock purchase warrant. Each Warrant will entitle the holder thereof to acquire one additional share of common stock of the Company for a period of 60 months following the closing of the offering for US$0.50 per share of common stock. The gross proceeds of the Unit offering are expected to be approximately US$4.37 million.
Kuhns Brothers Securities Corporation is acting as placement agent for this offering.
The net proceeds of the offering will be used for the payment of fees and expenses associated with refinancing the San Emidio construction loan, to continue the advancement of the El Ceibillo project in Guatemala, and general corporate purposes.
The offering is scheduled to close on or about December 26, 2012. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the NYSE MKT LLC.”
Source: Company release via Marketwire
