U.S. Department of Energy - Energy Efficiency and Renewable Energy
Geothermal Technologies Office
U.S. Geothermal Inc. Announces Completion of Private Placement
April 4, 2006
BOISE, Idaho – April 4, 2006 U.S. Geothermal Inc., a renewable energy development company focused on the production of electricity from geothermal energy, announced today that it has completed a private placement (the "Private Placement") of 25,000,000 shares of common stock of U.S. Geothermal at a price of Cdn $1.00 per share, for gross proceeds of Cdn $25,000,000. The company now has 43,263,844 shares outstanding.
The proceeds of the Private Placement will be used for the development of Phase One at Raft River, drilling a number of production and injection wells at Raft River in anticipation of development of Phase Two, possible acquisition of additional geothermal properties, and for general corporate working capital purposes.
Press release available at: http://www.usgeothermal.com/news/4Apr2006