In an recent relase, U.S. Geothermal Inc. announced “that it has entered into an agreement with a syndicate of Canadian investment dealers, pursuant to which the syndicate, as placement agents (the “Agents”), have agreed to privately place approximately 8,100,000 Subscription Receipts, at C$1.35 per Subscription Receipt, for gross proceeds of approximately C$10,935,000.

Each Subscription Receipt will be automatically exchanged, without additional consideration on the exchange date (described below), for one Unit (a “Unit”) of the Company. Each Unit consists of one share of common stock of the Company and one half of one common stock purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one additional share of common stock of the Company for a period of 24 months following the closing of the offering for US$1.75 per share of common stock. The net proceeds of the offering will be used by the Company for drilling wells at the Neal Hot Springs geothermal project and for general working capital purposes. The proceeds will not be subject to escrow.

The subscription receipt exchange date will be the earlier of the date on which the receipt of a final prospectus to qualify the Common Stock and Warrants issuable upon exercise of the Subscription Receipts
or four months and one day after the closing of this offering.

The offering is scheduled to close on or about August 12, 2009 and is subject to certain conditions  including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto
Stock Exchange and the NYSE Amex.”

The company also states that this offer doesn´t apply to the U.S. and doesn´t constitute an offer therein.

Source: Company announcement (pdf)