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Nevada Geothermal Power may conduct bigger private placement
By Sheri Kasprzak
New York, Jan. 18 - Nevada Geothermal Power Inc. said it intends to raise additional funds in a private placement that would be larger than the C$10 million transaction proposed in September.
The company said in a statement Wednesday that it has received proposals about a separate financing that would bring in more funds than the company had intended to raise in a C$10 million unit offering engineered through Dundee Securities Corp. in September. The engagement agreement between Dundee and Nevada has expired.
"Although the original engagement with Dundee has ended, NGP, through Dundee, has received proposals from certain institutional investors for substantially larger financing utilizing a different form of securities than was originally contemplated," said NGP's chief executive officer Brian Fairbank in a statement.
"With this said, NGP has not agreed to the terms of the proposed financing and there is no certainty that this financing will be completed."
Under the terms of the C$10 million unit offering, priced on Sept. 15, Nevada Geothermal agreed to sell up to 11,111,111 units at C$0.90 each. The units included one share and one half-share warrant, the whole of which is exercisable at C$1.40 each for two years.
Separately, NGP said Wednesday that it has granted stock options to certain of its directors, officers and employees for up to 1,898,000 shares. The options are exercisable at C$0.90 each for five years.
Based in Vancouver, B.C., Nevada Geothermal develops geothermal projects in the United States.
The company's stock gained 3.5%, or C$0.03, to close at C$0.89 on Wednesday (TSX Venture: NGP).
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