Sierra Geothermal Receives $1.35 Million From the Exercise of Warrants
January 06 2010 - 6:17PM
Marketwired
Sierra Geothermal Power Corp. (TSX VENTURE: SRA) ("SGP") is pleased
to announce that on January 5, 2010, one of its shareholders
exercised 5,000,000 warrants at an exercise price of $0.27 for
gross and net proceeds of $1,350,000. SGP intends to use the
proceeds for ongoing exploration and general corporate purposes.
"As these warrants were two-year warrants issued in August 2009,
we interpret the early exercise of these warrants by a major
shareholder as a tremendous vote of confidence in our Company and
our short term objective which is to advance at least 50 megawatts
to bankable feasibility during 2010," said Gary Thompson, President
and CEO.
In addition, SGP granted 10-year incentive stock options as
follows:
- On December 1, 2009, SGP granted 36,000 incentive stock
options to an employee. The incentive stock options are exercisable
at $0.34 per option;
- On December 18, 2009, SGP granted 75,000 incentive stock
options to a director. The incentive stock options are exercisable
at $0.27 per option and vested immediately;
- On December 18, 2009, SGP granted an aggregate of 50,000
incentive stock options to certain employees. The incentive stock
options are exercisable at $0.27 per option.
As a result of the exercise of these warrants and granting of
options, SGP now has 133,315,732 common shares outstanding,
49,608,028 warrants, and 5,671,336 incentive stock options.
About Sierra Geothermal Power Corp.
Sierra Geothermal Power Corp. is a renewable energy company
focused on the exploration and development of clean, sustainable
geothermal power. It is based in Vancouver, British Columbia and
listed on the TSX Venture Exchange under the symbol SRA. Its
portfolio of geothermal projects located in Nevada and California
exceeds 365 square kilometres (90,000 acres) and has a combined
total estimated capacity of greater than 500 MW. SGP intends to
finance development by utilizing a combination of corporate equity,
joint venture partnerships and project debt, with the support of US
government grants and loan guarantees. To find out more about
Sierra Geothermal Power Corp. (TSX-V: SRA) visit our website at
www.sierrageopower.com.
On behalf of the Board of Directors
Gary Thompson, P.Geo, President, Chief Executive Officer and
Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements.
Forward-looking statements are projections of events, revenues,
income, future economic performance or management's plans and
objectives for future operations. In some cases you can identify
forward-looking statements by the use of terminology such as "may",
"should", "anticipates", "believes", "expects", "intends",
"forecasts", "plans", "future", "strategy", or words of similar
meaning. Forward-looking statements in this press release include
statements about SGP's intent to use the proceeds for ongoing
exploration and general corporate purposes, its overall plan for
its Tier One projects, which is to advance at least 50 megawatts to
bankable feasibility during 2010, and its intent to finance the
development of its projects through a combination of corporate
equity, joint venture partnerships and project debt with the
support of U.S. government grants and loan guarantees. These
statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including the risks
inherent in our industry, the challenging capital markets and other
risks identified by us in our periodic filings on SEDAR (which can
be viewed at www.sedar.com). Any of these risks could cause our or
our industry's actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements.
While these forward-looking statements and any assumptions upon
which they are based are made in good faith and reflect our current
judgment regarding the direction of its business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggested in this press release. Except as required by applicable
law, including the securities laws of Canada, we do not intend to
update any of the forward-looking statements to conform these
statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Sierra Geothermal Power Corp. Gary Thompson President
& CEO (604) 683-0332 / 1-800-563-5631 info@sierrageopower.com
Sierra Geothermal Power Corp. Anthony Srdanovic Investor Relations
(604) 642-6179 asrdanovic@sierrageopower.com
www.sierrageopower.com
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