By Susanna Moon
Chicago, Oct. 12 - Sierra Geothermal Power Corp. said it completed the first of two closings in its previously announced private placement offering of up to 31,818,182 units.
In the first closing, Sierra Geothermal sold 29,115,770 units at a price of C$0.22 per unit for proceeds of C$6,405,469.
As previously announced, each unit consists of one common share and one non-transferable common share purchase warrant.
Each warrant is exercisable at C$0.30 until Oct. 9, 2011.
The balance of the financing is expected to close by Oct. 16.
Jacob Securities Inc. acted as agent.
Proceeds will be used to advance the company's tier 1 geothermal properties located in Nevada and for general corporate and administrative expenses.
Vancouver, B.C.-based Sierra develops geothermal properties.
| Issuer: | Sierra Geothermal Power Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$7 million
|
| Units: | 31,818,182
|
| Price: | C$0.22
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Oct. 9, 2011
|
| Warrant strike price: | C$0.30
|
| Agent: | Jacob Securities Inc.
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 9 (for C$6,405,469)
|
| Stock symbol: | TSX Venture: SRA
|
| Stock price: | C$0.295 at close Sept. 25
|
| Market capitalization: | C$23.21 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
