Polaris Geothermal acquires shares held by German debis
Polaris Geothermal completed the acquisition of shares held by debis Industriehandel GmbH in Polaris Energy Corp. and the acquisition from TradeIn Commerical Corp. of a royalty to receive shares of revenues derived from the sale of electricity from PEC's San Jacinto-Tizate geothermal project located near Leon, Nicaragua.
In a release by the company, Polaris Geothermal “announces that the Company has successfully completed the previously announced acquisition from debis Industriehandel GmbH (“debis”) of 380,391 common shares of Polaris Energy Corp. (“PEC”) and the acquisition from TradeIn Commerical Corp. (“TradeIn”) of a royalty (the “Royalty”) that entitled TradeIn to receive 4.62% of the revenues derived from the sale of electricity from PEC’s San Jacinto-Tizate geothermal project located near Leon, Nicaragua. The 380,391 PEC shares acquired represent approximately 4.1% of PEC’s issued and outstanding shares. The Company now holds greater than 99% of the issued and outstanding shares of PEC and has eliminated the Royalty previously held against the project. The acquisition is effective as of September 30, 2009.
Under the terms of the agreement, Polaris acquired the PEC common shares from debis and the Royalty from TradeIn in exchange for an aggregate of 12,650,000 Polaris Class A common shares and a cash payment, payable in instalments, of $950,000. The Class A common shares issued to debis and TradeIn are subject to a four month hold period, as required by applicable law.”
Source: Company release via Marketwire