By Devika Patel
Knoxville, Tenn., March 9 - U.S. Geothermal Inc. arranged an $8.62 million private placement of stock, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell 8,209,519 common shares at $1.05 per share.
Investors also will receive 50% warrant coverage. Each warrant is exercisable at $1.25 for five years.
Settlement is expected March 12.
Proceeds will be used to further develop the company's Neal Hot Springs geothermal project and for general working capital.
RBC Capital Markets, Clarus Securities Inc., Dundee Securities Corp. and Robert W. Baird & Co. are the agents.
U.S. Geothermal is a Boise, Idaho-based renewable energy development company operating geothermal power plants at Raft River, Idaho, and at the San Emidio Desert in Nevada.
| Issuer: | U.S. Geothermal Inc.
|
| Issue: | Common stock
|
| Amount: | $8,619,995
|
| Shares: | 8,209,519
|
| Price: | $1.05
|
| Warrants: | 50% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.25
|
| Agents: | RBC Capital Markets, Clarus Securities Inc., Dundee Securities Corp., Robert W. Baird & Co.
|
| Announcement date: | March 9
|
| Settlement date: | March 12
|
| Stock symbol: | Amex: HTM
|
| Stock price: | $1.21 at close March 8
|
| Market capitalization: | $73.2 million
|
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