Raser Tech. (RZ) Announces $25.5M Registered Direct Offering

June 30, 2009 9:30 AM EDT

Raser Technologies, Inc. (NYSE: RZ) announced today that it has obtained commitments from institutional investors to purchase approximately $25.5 million of its common stock and warrants in a registered direct offering.

Under the terms of the definitive agreements, Raser will sell an aggregate of 8,550,339 units, with each unit consisting of (i) one share of its common stock, $0.01 par value per share ("Common Stock") and (ii) one warrant to purchase 0.50 shares of its Common Stock, in a registered direct offering for gross proceeds of approximately $25.5 million, before deducting placement agents' fees and estimated offering expenses. The investors have agreed to purchase the units at a 22.5% ($0.86625) discount to the Common Stock's closing price on June 29, 2009 of $3.85. The warrants are exercisable at any time on or after the date of issuance at a price of $4.62 per share and will expire five years from the date of issuance.

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