U.S. Geothermal Inc. announced today that it has signed a new purchase agreement with Lincoln Park Capital Fund, LLC (LPC), a Chicago-based institutional investor. It may provide up to $10 million of equity capital over the agreement's 30-month term.
Net proceeds from LPC's investments will be used to cover a portion of the cost of the recent acquisition of the Goldman Sachs ownership interest of the Raft River project, development of our geothermal projects and for general corporate purposes.
"The LPC facility will enable us to raise capital, at market prices, on an as needed basis, which further enhances our liquidity," stated GRC Board Member Dennis Gilles, Chief Executive Officer of U.S. Geothermal Inc.