By Sheri Kasprzak
New York, Feb. 7 - U.S. Geothermal Inc. said it negotiated a private placement for up to C$25 million and at least C$18.75 million with a group of institutional investors.
The investors have agreed to purchase a maximum of 25 million shares and a minimum of 18.75 million shares in the offering.
Proceeds will be used for the continued development and construction of a project at Raft River, Idaho. The remainder will be used for working capital.
Based in Boise, U.S. Geothermal develops alternative, renewable energy sources.
| Issuer: | U.S. Geothermal Inc.
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| Issue: | Stock
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| Amount: | C$25 million (maximum), C$18.75 million (minimum)
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| Shares: | 25 million (maximum), 18.75 million (minimum)
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| Price: | C$1.00
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| Warrants: | No
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| Pricing date: | Feb. 1
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| Announcement date: | Feb. 7
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| Stock symbol: | TSX Venture: GTH
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| Stock price: | C$1.15 at close Feb. 1
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