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Magma Energy acquisition of HS Orka fulfills Icelandic law

Reykjanes geothermal power plant of HS Orka, Iceland (source: flickr/ ThinkGeoEnergy, creative commons)
Alexander Richter 17 Sep 2010

A committee set up by the Icelandic parliament concludes that the acquisition of Icelandic HS Orka through Canadian Magma Energy complies fully with Icelandic law.

News from Iceland confirm the release by Magma Energy Corp. (TSX: MXY) that “reports that a Special Committee appointed by the Icelandic government to review Magma’s acquisition of a 98.53% stake in Icelandic geothermal company HS Orka has concluded that Magma acted in full compliance with Icelandic law.

At an HS Orka shareholders meeting today, a new Board of Directors was elected, where three new Magma appointees were elected, including Asgeir Margeirsson as Chairman. Mr. Margeirsson commented: “I am really pleased to be elected to chair this great Icelandic geothermal power company and to receive confirmation that Magma acted at all times in compliance with Icelandic laws in its acquisition of HS Orka. We can now direct our attention to continuing to build on HS Orka’s reputation as a strong independent power producer with exceptional geothermal and human resources. ”

Source: Icelandic news, Magma Energy release via e-mail