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Magma Energy and Plutonic Power merger to Alterra Power completed

MP 3 drilling site, Chile (source: Magma Energy)
Alexander Richter Alexander Richter 13 May 2011

Magma Energy Corp. and Plutonic Power Corp. announce the completion of the merger to Alterra Power Corp. Pending approval by the Toronto Stock Exchange, the company will be listed under the symbol AXY on the TSX.

In a release by comapanies Magma Energy Corp. (TSX: MXY) and Plutonic Power Corporation (TSX: PCC) announced the completion of the merger of Magma and Plutonic pursuant to a plan of arrangement (the “Arrangement”). As previously announced, the Arrangement was approved by the Supreme Court of British Columbia on May 9, 2011.

Pursuant to the Arrangement, Magma has acquired all of the outstanding shares of Plutonic on the basis of 2.38 common shares of Magma and Cdn. $0.0001 in cash for each Plutonic common share. In addition, all of the outstanding stock options to purchase Plutonic common shares are now exercisable for common shares of Magma in accordance with the same exchange ratio.

In connection with the Arrangement, Magma will change its name to “Alterra Power Corp.” and its common shares will, subject to receipt of final approval of the Toronto Stock Exchange (“TSX”), trade on the TSX under the symbol “AXY”. For trading purposes, the change of name and trading symbol are expected to become effective, subject to TSX approval, as of the commencement of trading on May 18, 2011.

Subject to TSX confirmation, Plutonic common shares are expected to be delisted from trading on the TSX as of the close of business on May 17, 2011.”

Source: Company release via e-mail