U.S. Geothermal signed a 36 month purchase agreements for a time to time sale of up to $10.75 million of U.S. Geothermal Inc. common stock.
Reported yesterday, “U.S. Geothermal announced that it has signed a purchase agreement with Lincoln Park Capital Fund, LLC (LPC), a Chicago-based institutional investor, for the sale from time to time over a 36-month period of up to $10.75 million of U.S. Geothermal Inc. common stock.
The agreement provides for an initial sale of $750,000 upon closing. The securities LPC has agreed to purchase under this agreement will be offered through a prospectus supplement pursuant to U.S. Geothermal’s effective shelf registration statement and base prospectus contained therein. Kuhns Brothers Securities Corporation acted as placement agent on behalf of the Company in connection with the transaction.
The net proceeds from LPC’s investments will be used to support ongoing construction projects, if required, and for general corporate purposes.”