U.S. Geothermal has signed an agreement with Lincoln Park Capital Fund (LPC) for the sale of its common stock worth $10.75m over a period of 36 months.
The revenue generated from the sale will be used by U.S. Geothermal to support its ongoing construction projects and also to provide for its general corporate purposes.
U.S. Geothermal chief executive officer Daniel Kunz said this agreement provides the company with flexibility to raise capital on an as needed basis at its sole discretion.
"The initial investment and additional commitment will ensure adequate liquidity as the Company completes construction at both the San Emidio and Neal Hot Springs projects," added Kunz.
LPC will initially buy securities worth $750,000 upon closing the agreement, which was brokered by Kuhns Brothers Securities Corp.
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By GlobalDataUnder the agreement, LPC will buy equities through a prospectus supplement in accordance with the company’s effective shelf registration statement and base prospectus.
U.S. Geothermal is a renewable energy company focused on the development, production and sale of electricity from geothermal energy.
The company is operating geothermal power projects at Raft River, Idaho and San Emidio, Nevada.
