Raser taps an additional $19 million from Fletcher

In Utah, Raser Technologies, Inc. has sold $5 million of convertible preferred stock plus another $14 million in certain investment rights to Fletcher International, Ltd. The financing is part of a broader strategic relationship between the two companies. The preferred shares can be converted to common stock at a price of $5 per share and can be redeemed at a price of no less than $1.22 per share of common stock, subject to adjustment under certain circumstances, after the earlier of six months after the closing date or the date on which the company’s common stock trades above $2.00 per share. The $1.22 per share redemption price floor is a 37% premium to the closing price of the company’s stock on February 3, 2010, when the deal closed. Fletcher International is an affiliate of Fletcher Asset Management, Inc.