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In a release dated June 30, the company stated:
- Under the terms of the definitive agreements, Raser will sell an aggregate of 8,550,339 units, with each unit consisting of (i) one share of its common stock, $0.01 par value per share ("Common Stock") and (ii) one warrant to purchase 0.50 shares of its Common Stock, in a registered direct offering for gross proceeds of approximately $25.5 million, before deducting placement agents' fees and estimated offering expenses. The investors have agreed to purchase the units at a 22.5 percent ($0.86625) discount to the Common Stock's closing price on June 29, of $3.85. The warrants are exercisable at any time on or after the date of issuance at a price of $4.62 per share and will expire five years from the date of issuance.
- The securities described above are being offered directly by Raser pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. Raser anticipates that the net proceeds from the offering of approximately $23.8 million will be used for general corporate purposes, which may include working capital, power plant construction expenses, well field development activities for the geothermal power plants we intend to develop, repayment of outstanding obligations, capital expenditures and development costs. The closing of this offering is expected to occur on or about July 6, subject to satisfaction of customary closing conditions.
- Calyon Securities (USA) served as lead placement agent and RBC Capital Markets and JMP Securities served as co-placement agents for the offering.
Raser is an environmental Energy Technology company focused on geothermal power development and technology licensing.
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