Polaris Geothermal Inc.
TSX : GEO

Polaris Geothermal Inc.

April 27, 2009 09:33 ET

Polaris Geothermal Inc. Announces Successful Completion of the Second Tranche of a Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - April 27, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Further to its press release of March 23, 2009, Polaris Geothermal Inc. (TSX:GEO) ("Polaris" or the "Company") is pleased to announce that it has successfully completed the second tranche of a non-brokered private placement (the "Offering") of units (the "Units").

Upon closing of the second tranche of the Offering, Polaris issued 2,637,778 Units, in addition to the 1,121,300 Units issued upon closing of the first tranche. Each Unit costs CDN$0.45 and consists of one Class A common share (a "Unit Share") and one Class A common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one Class A Common Share (a "Warrant Share"), subject to adjustment, at an exercise price of CDN$0.45 at any time prior to the second anniversary of closing. The Unit Shares and the Warrant Shares are subject to the requisite 4 month hold period, in addition to such other resale restrictions as may be required under applicable law. The TSX has conditionally approved the listing of the Unit Shares and Warrant Shares.

The Company has agreed to pay a finder's fee of CDN$10,000 to a limited market dealer that provided assistance with respect to the Offering.

Overall, the Offering generated gross proceeds to the Company of CDN$1,691,585, which will be used for general corporate and working capital purposes.

About Polaris Geothermal Inc.

Polaris is a Canadian company, focused on the generation of renewable energy projects in Latin America and other parts of the world. For more information about Polaris visit www.polarisgeothermal.com.

This press release is not an offer of securities for sale in the United States. The securities described herein have not been registered under United States securities laws and may not be offered or sold in the United States absent registration or an exemption from registration. This release shall not constitute an offer to sell or solicitation of an offer, solicitation or sale would be unlawful.

Contact Information