U.S. Geothermal Inc., a renewable energy development company focused on the production of electricity from geothermal energy, completed a private placement of 25 million shares of common stock of U.S. Geothermal at C$1.00 per share, for gross proceeds of C$25 million. The private placement represents the largest Canadian financing of a geothermal energy company on record.
Dundee Securities Corporation acted as a finder and financial advisor for the private placement. The proceeds of the private placement will be used for the development of Phase One at Raft River, drilling a number of production and injection wells at Raft River in anticipation of development of Phase Two, possible acquisition of additional geothermal properties, and for general corporate working capital purposes.
U.S. Geothermal was represented by Goodmans LLP with a team that included Bruce Wright, John Munnis and Jonathan O'Connor (corporate and securities). Dundee was represented by Ogilvy Renault LLP with a team that included Geoffrey Gilbert (US securities), Walied Soliman, Ali Kermali and Colin Sam (corporate and securities).