According to this press release, Raser Technologies just entered into an agreement with 3 of its major lenders that will allow Raser to repay some of its loan obligations in the form of stock. The total principal and interest that Raser owes is 5.4 million. Under the terms of the agreement, Raser will sell the lenders 3,201,526 shares of common stock priced for $1.68 per share. Raser will also provide the lenders warrans to purchase 1,600,762 shares of common stock with a strike price of $1.61.

Raser’s Chairman,  Kraig Higginson, is owed $5.3 million but regulatory issues prevent him from participating in this deal. The company will negotiate a payment structure with him at a later date.

Due to the terms of Raser’s June 30th direct equity offering, the company will also offer 1,120,526 additional shares and warrants to purchase up to 560,258 shares of common stock to shareholders and former shareholders with rights under the offering. If all of these shares are purchased, Raser will get an additional  $1.9 million of cash.