By Sheri Kasprzak
New York, Sept. 15 - Nevada Geothermal Power Inc. said it has arranged a private placement for up to C$10 million.
The company plans to sell 11,111,111 units at C$0.90 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$1.40 each for two years.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$2.00 for more than 20 consecutive trading days.
Dundee Securities Corp. is the placement agent for the deal.
Proceeds from the offering will be used for development at the Blue Mountain, Black Warrior, Pumpernickel and Crump Geyser geothermal projects and for working capital.
Based in Vancouver, B.C., Nevada Geothermal develops geothermal projects in the United States.
| Issuer: | Nevada Geothermal Power Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$10 million (maximum)
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| Units: | 11,111,111 (maximum)
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| Price: | C$0.90
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.40
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| Placement agent: | Dundee Securities Corp.
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| Pricing date: | Sept. 15
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| Stock price: | C$1.04 at close Sept. 14
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