Reported in Australia, Geothermal Resources Limited (ASX:GHT) is pleased to advise that the recently closed Share Purchase Plan raised $902,320. Directors wish to thank all shareholders who participated in the Offer for their support.

Chairman, Dr Bob Johnson, said it was particularly gratifying to see the high proportion of shareholders who participated in the Offer, given the uncertain market conditions.

“The funds raised will support our ongoing deep drilling of the promising Frome project in order to match funding provided by the Commonwealth Government’s Renewable Energy Development Initiative (REDI) grant. This work is necessary to position us for the next step of drilling a water injection and extraction well pair required to set up a heat exchanger system in the hot granite” he said.

Eligible shareholders who applied for shares under the Offer have been allotted 2,819,750 ordinary shares at a price of 32 cents per share. Allotment notices will be mailed today.

An Application for Quotation (Appendix 3B) of the new fully paid ordinary shares issued pursuant to the Share Purchase Plan is attached.

Source: Company announcement via Sydney Morning Herald