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Article: Magma Energy Selected as Preferred Bidder to Acquire Up to 32.32% of Iceland Geothermal Energy Producer HS Orka.
- Article from:
- Marketwire Canada
- Article date:
- August 17, 2009
CopyrightCOPYRIGHT 2009 Canadian Corporate News. News Provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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VANCOUVER, BRITISH COLUMBIA, Aug 17, 2009 (Marketwire via COMTEX) -- Magma Energy Corp. (TSX:MXY) announces that it has been selected as the preferred bidder to acquire up to 32.32% of Iceland geothermal company HS Orka through an auction process carried out by Reykjavik Energy ("RE") on behalf of itself and two other HS Orka shareholders. Magma and RE are now negotiating detailed terms of Magma's acquisition and expect to conclude negotiations during August with a closing anticipated in September. On July 23, 2009, Magma announced that it had signed an agreement to acquire a 10.78% shareholding in HS Orka, which agreement included an option to acquire approximately a 5% ...