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Article: Magma Energy to Acquire 32.32% of Iceland Geothermal Energy Producer HS Orka.
- Article from:
- Marketwire Canada
- Article date:
- September 1, 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, Sep 1, 2009 (Marketwire via COMTEX) -- Magma Energy Corp. (TSX:MXY) announces that it has signed an agreement to acquire 32.32% of Iceland geothermal company HS Orka hf ("HS Orka") from Reykjavik Energy ("RE") and two other HS Orka shareholders. As previously announced, Magma was selected as preferred bidder by RE to acquire this significant stake in HS Orka. The agreement provides that Magma's wholly owned subsidiary will purchase the interest for 3.7 billion Icelandic Kroner ("ISK") (approximately US$29.5 million) and a bond for the US Dollar Equivalent of 8.7 billion ISK (approximately US$68.8 million) repayable in a single installment in ...