Magma Energy Corp. closing financing
Canadian Magma Energy Corp. (subsidiary of Qualibou Energy) announced that it has closed a US$ 26.3 million financing through the issuance of 21,045,000 common shares at a price of US$1.25 per share.
Canadian Magma Energy Corp. (subsidiary of Qualibou Energy) announced that it has closed a US$ 26.3 million financing through the issuance of 21,045,000 common shares at a price of US$1.25 per share. Magma is currently a private company with, post-financing, approximately 160 million shares issued and outstanding.
Magma is dedicated to becoming one of the world’s pre-eminent geothermal energy companies through aggressive development of its existing portfolio of 21 geothermal properties in the USA, Chile, Peru, Nicaragua and Argentina. These properties include several advanced stage projects in Nevada and Utah and a producing plant in Nevada. Magma has received an independent report which indicates that five of its properties are expected to have, collectively, geothermal resources for 200 megawatts of power production at a 90% probability and 367 megawatts at a 50% probability.
Funds from this financing will be used to advance all of Magma’s projects in 2009, including a planned expansion at the Company’s operating Soda Lake plant near Fallon, Nevada. The Company anticipates that the expansion will increase the plant’s current output of 8 megawatts of baseload power to approximately 16 megawatts. Magma will also continue to seek accretive acquisitions of geothermal projects internationally.
Source: Company announcement via MSNBC