By Devika Patel
Knoxville, Tenn., Nov. 14 - Raser Technologies, Inc. offered more details about a $20 million private placement of shares in an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on Nov. 13.
The company will sell 2 million common shares at $5.00 apiece in the initial tranche on Nov. 14 for $10 million. The remainder will settle for $10 million at a price per share to be determined.
The single investor, Fletcher International, Ltd., will also receive 10-year warrants for up to $20 million in shares, with half of them exercisable at $6.00 in the first tranche and the remainder exercisable at a price to be determined within the market context in the second tranche.
Proceeds will be used to further Raser's geothermal development program and for general corporate purposes.
Provo, Utah-based Raser is a technology licensing and development company focused on geothermal power generation.
| Issuer: | Raser Technologies, Inc.
|
| Issue: | Common stock
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| Amount: | $10 million first tranche
|
| Shares: | 2 million
|
| Price: | $5.00
|
| Warrants: | For $20 million shares
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| Warrant expiration: | 10 years
|
| Warrant strike price: | $6.00
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| Investor: | Fletcher International, Ltd.
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| Pricing date: | Nov. 13
|
| Stock symbol: | NYSE: RZ
|
| Stock price: | $3.50 at close Nov. 12
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