News

Sierra Geothermal authorized to put merger on agenda

Snapshot of presentation by Sierra Geothermal Power
Alexander Richter 21 Jul 2010

Sierra Geothermal Power and Ram Power announce that they received the authorization by the Supreme Court of British Columbia, for Sierra to call special shareholder meeting to approve merger arrangements between both companies.

In the ongoing merger between both companies, “Sierra Geothermal Power Corp. [TSX-V: SRA] and Ram Power, Corp. [TSX: RPG] just announced that the Supreme Court of British Columbia has issued an interim order authorizing Sierra to, among other things, call a special meeting of its shareholders to consider and, if deemed advisable, pass a special resolution approving the proposed plan of arrangement previously announced by press release on July 8, 2010.

The proposed plan of arrangement, set out as an exhibit to the Arrangement Agreement dated July 7, 2010 between Sierra and Ram Power, contemplates that Ram Power will acquire all of Sierra’s outstanding shares in exchange for common shares of Ram Power effective upon closing of the arrangement, which will be scheduled to occur after shareholder approval is received. The terms of the proposed transaction have been previously announced in a press release dated July 8, 2010.

Sierra proposes to hold the special meeting of shareholders at 10:00 a.m. (Vancouver time) on August 31, 2010, at the offices of its counsel, Clark Wilson LLP, at 800-885 West Georgia Street, Vancouver, B.C. The record date for determining the holders of common shares of Sierra that will be entitled to receive notice of and to vote at the special meeting is July 27, 2010. The special resolution approving the proposed plan of arrangement must be approved by at least 66 2/3% of the votes cast by shareholders represented in person or by proxy at the special meeting.”

Source: Company release via e-mail