New York, July 31 - U.S. Geothermal Inc. said it has agreed to privately place C$10,935,000 of subscription receipts.
The company will sell 8.1 million receipts at C$1.35 each.
Each receipt will be automatically exchanged for one unit of the company on the exchange date, which will be the earlier of receipt of a prospectus to qualify the stock and warrants or four months and one day after closing.
Each unit to be issued on exchange of the receipts will made up of one share and half a stock purchase warrant. Full warrants will be exercisable for one share at $1.75 for two years.
Proceeds will be used for drilling wells at the company's Neal Hot Springs geothermal project in Oregon and for working capital.
A syndicate of Canadian investment dealers will act as agents.
U.S. Geothermal is a Boise, Ida.-based renewable energy development company operating geothermal power plants at Raft River, Ida., and at the San Emidio Desert in Nevada.
| Issuer: | U.S. Geothermal Inc.
|
| Issue: | Subscription receipts exchangeable for units of stock and 0.5 warrants
|
| Amount: | C$10,935,000
|
| Receipts: | 8.1 million
|
| Price: | C$1.35
|
| Warrants: | For 4.05 million shares
|
| Warrant strike price: | $1.75
|
| Warrant expiration: | Two years
|
| Pricing date: | July 31
|
| Settlement: | Aug. 12
|
| Stock symbol: | TSX: GTH, NYSE Amex: HTM
|
| Stock price: | C$1.80, $1.63 at close July 31
|
| Market capitalization: | $101.11 million
|
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