Utah, United States [RenewableEnergyWorld.com] Raser Technologies Inc. announced the funding and closing of the sale of the remaining US $10 million of its common stock to Fletcher International Ltd. This announcement is part of an agreement for the private placement of US $20 million of Raser’s common stock announced in November 2008.
Fletcher has purchased 2,360,417 shares of Raser’s common stock. Together with shares purchased in the initial closing in November, Fletcher purchased an aggregate total of 4,360,417 shares under the agreement.
The aggregate purchase price for the 2,360,417 shares of Raser’s common stock purchased in the second closing was US $10 million, or approximately US $4.24 per share. Under the terms of the agreement, the purchase price represented a premium of 10% over the volume weighted average price of Raser’s common stock over the 10 trading days ending on and including December 11, 2008.
The net proceeds from the second closing were US $9.3 million. Raser received total net proceeds from the private placement transactions of approximately US $18.6 million after deducting estimated fees and expenses. Raser said that it intends to use the net proceeds from the private placement to further its geothermal development program and for general corporate purposes.