Sierra Geothermal announces $4 Million private placement

In Canada, Sierra Geothermal Power Corp. is looking for as much as $4,000,000 in a private placement of up to 18,181,818 units at a price of $0.22 per unit. Each unit will consist of one common share and one non-transferable common share purchase warrant and each warrant will entitle the holder to purchase one additional common share at a price of $0.30 for a period of two years after closing. Jacob Securities Inc. will act as lead agent. Sierra Geothermal intends to use the net proceeds to fund drilling and geophysical activities at its tier one geothermal projects in Nevada, and for general administrative expenses.