The proceeds will be held until the completion of a four-way combination of Canadian companies GTO, Polaris Geothermal, Western GeoPower, and Ram Power, a US company, which was announced earlier this summer.
The combined company would use the proceeds for project development, debt repayment and working capital, as well as general corporate purposes.
GTO issued 59.8 million “subscription receipts” at C$3 each, the company states.
