Raser (RZ) Extends Agreement With Financing Partners of Thermo No. 1 Plant

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09:40:45 am on September 17, 2009

Raser just announced that it has extended the agreement with its Thermo No. 1 financing partners to extend the final  deadline for the completion of the plant from September 15 to October 1st. In addition to this extension agreement, other amendments are expected over the next couple of weeks to accommodate tax law changes in the American Recovery and Reinvestment Act of 2009.

In a press release, Richard Clayton, Raser’s Principal Executive Officer, commented on the change:

“This extension is in anticipation of a broader amendment to the financing agreements to reflect updated plant economics and the US Treasury grant proceeds available to the project. It also provides the funds for our well field completion plan. We are pleased with the confidence our partners have shown in Raser and the Thermo project, and believe these anticipated amendments will strengthen the financial position of Thermo No. 1 and Raser.”

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