Polaris Geothermal Inc.
TSX : GEO

Polaris Geothermal Inc.

May 04, 2009 17:38 ET

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

TORONTO, ONTARIO--(Marketwire - May 4, 2009) -

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

Further to its press releases of March 23 and April 27, 2009, Polaris Geothermal Inc. (TSX:GEO) ("Polaris" or the "Company") is pleased to announce that it has successfully completed the third tranche of a non-brokered private placement (the "Offering") of units (the "Units") at CDN$0.45 per Unit, each Unit consisting 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.

Upon closing of the third tranche of the Offering, Polaris issued 1,100,000 Units, in addition to the 3,759,078 Units issued previously. Overall, the Offering generated gross proceeds to the Company of CDN$2,186,585, which will be used for general corporate and working capital purposes.

The Unit Shares and the Warrant Shares are subject to a 4 month hold period in accordance with applicable securities law. The TSX has conditionally approved the listing of the Unit Shares and Warrant Shares.

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.

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