Hot Rock plans to raise USD 785,000 for geothermal projects
Oct 11, 2011 - Australian geothermal energy company Hot Rock Ltd (ASX:HRL) today said it had received firm commitments for a USD 785,000 (EUR 576,000) capital raising, aimed at funding ongoing exploration and evaluation activities.
The company wants to place 31.4 million ordinary shares at USD 0.025 apiece. The funds will be used for field and community activities required for future geological, geochemical and geophysical studies in Chile and Peru, for investigation of additional project opportunities in Chile and Peru and for ongoing working capital.
Hot Rock has several exploration projects in Chile and Peru. The portfolio includes Chilean projects Calerias and Longavi, whose power potential is estimated at 185 MW and 135 MW, respectively.
(USD 1 = EUR 0.733)
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