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Mustang Geothermal completes purchase of Peruvian geothermal company

Miraflores, province of Arequipa, Peru (source: flickr/ zug55, creative commons)
Alexander Richter 11 Nov 2010

Mustang Geothermal Corp. compthe purchase of Andean Geothermic Energy S.A.C., a Peruvian Corporation which controls four geothermal exploration applications consisting of 3600 hectares (8896 acres) in the provinces of Puno and Arequipa.

In a release by the company, “Mustang Geothermal Corp.  reports that it has completed the purchase of Andean Geothermic Energy S.A.C., a Peruvian Corporation which controls four geothermal exploration applications consisting of 3600 hectares (8896 acres) in the provinces of Puno and Arequipa.

The Share Purchase Agreement provides for the Company to pay 15 million shares of common stock along with a $25,000 cash payment as per an agreement dated November 5, 2010.

As a part of an ongoing reorganization of the Company’s business activity, the decision to diversify internationally into the geothermal energy field is aligned with the Company’s long-term strategy to add shareholder value.”

Source: company release via Marketwatch