By Sheri Kasprzak
New York, April 2 - Raser Technologies, Inc. closed a private placement for $12,525,016.
Six investors led by Heartland Value Fund bought 2,693,552 shares at $4.65 each.
The investors also came away from the deal with warrants for 942,739 shares, exercisable at $6.05 each.
Proceeds will be used for growth initiatives and for general corporate purposes.
Based in Provo, Utah, Raser develops technologies to improve the efficiency of electric motors. The company is seeking to branch into the geothermal power plant operating business.
| Issuer: | Raser Technologies, Inc.
|
| Issue: | Stock
|
| Amount: | $12,525,016
|
| Shares: | 2,693,552
|
| Price: | $4.65
|
| Warrants: | For 942,739 shares
|
| Warrant strike price: | $6.05
|
| Investors: | Heartland Value Fund (lead)
|
| Settlement date: | April 2
|
| Stock symbol: | NYSE: RZ
|
| Stock price: | $5.24 at close April 2
|
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