US Geothermal to raise C$10.93m in private placement

US Geothermal has done a deal with a syndicate of Canadian investment dealers for private placement of 8.1 million subscription receipts at C$1.35 each, for gross proceeds of approximately C$10.9m.

Each receipt will be automatically exchanged, without additional consideration on the exchange date, for one unit of US Geothermal.

Each unit consists of one share of common stock 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 US Geothermal for a period of 24 months following the closing of the offering for US$1.75 per share of common stock.

Net proceeds of the offering will be used by US Geothermal for drilling wells at the Neal Hot Springs Log in to read complete article.

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