In a company announcement, Canadian Polaris Geothermal announces the successful completion of the first tranche of a non-brokered private placement of up to Can$ 2 million (US$ 1.6million) in units.

“Each Unit costs Can$0.45 and consists of one Class A common share (a “Unit Share”) and one Class A common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one Class A Common Share (a “Warrant Share”), subject to adjustment, at an exercise price of Can$0.45 at any time prior to the second anniversary of closing. The Unit Shares and the Warrant Shares are subject to the requisite 4 month hold period, in addition to such other resale restrictions as may be required under applicable law. The TSX has conditionally approved the listing of the Unit Shares and Warrant Shares.

The closing of the first tranche of the Offering generated gross proceeds of approximately Can$505,000, which will be used by the Company for general corporate and working capital purposes.”

Source: Marketwire