Nevada Geothermal Power Inc.
TSX VENTURE : NGP
OTC Bulletin Board : NGLPF

Nevada Geothermal Power Inc.

April 24, 2008 07:51 ET

Nevada Geothermal Power Inc. Announces Bought Deal Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Nevada Geothermal Power Inc. (NGP) (TSX VENTURE:NGP)(OTCBB:NGLPF) announced that it is proceeding with a private placement, on a bought deal basis, consisting of 10,000,000 common shares ("Shares") at C$1.00 per Share for gross proceeds of C$10,000,000 (the "Offering"). NGP has also agreed to grant the underwriters an option exercisable, in whole or in part, not later than 48 hours prior to the closing date to increase the size of the Offering by up to an additional 5,000,000 Shares for gross proceeds of a further C$5,000,000.

Dundee Securities Corporation ("Dundee") will lead manage the Offering on behalf of a syndicate of underwriters (collectively, the "Underwriters"). The Underwriters will receive a 6% cash commission together with an option (the "Compensation Option") to acquire that number of Shares that is equal to 7% of the number of Shares issued. The Compensation Option entitles the Underwriters to purchase Shares, exercisable at the offering price of the Shares for a period of 18 months following closing of the Offering. The Shares will be subject to a four month hold period, and the Offering is subject to the acceptance of the TSX Venture Exchange.

The net proceeds of the offering will be used to fund further development at the Blue Mountain Geothermal site, development of other existing projects and for working capital.

The Offering is expected to close not later than May 15, 2008.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.

About Nevada Geothermal Power Inc.:

Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, efficient and sustainable. NGP is committed to the geothermal industry and currently owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, Black Warrior, all located in Nevada and Crump Geyser in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of approximately 150 MW to over 200 MW from the current leaseholds.

This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nevada Geothermal Power Inc.
    Brian D. Fairbank, P. Eng.
    President & CEO
    (604) 688-1553 X118 or Toll Free: 1-866-688-0808 X118
    or
    Nevada Geothermal Power Inc.
    Investor Inquiries
    Shelley Kirk
    (604) 688-1553 X118 or Toll Free: 1-866-688-0808 X118
    Email: sfkirk@nevadageothermal.com
    Website: www.nevadageothermal.com
    or
    Pro-Edge Consultants Inc.
    Tracy Weslosky or Fred Cowans
    Managing Partners
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: info@pro-edge.com
    Website: www.pro-edge.com