Ram Power Corp releases financial results for 2015’s first quarter
Ram Power announces operating results for the quarter ended March 31, 2015 alongside with project updates.
Ram Power, Corp.has released its operating results for the quarter ended March 31, 2015. The following are key highlights provided by the company.
San Jacinto-Tizate Project Overview
- The San Jacinto-Tizate Power Plant generated 106,045 (net) MWh resulting in revenue of $12.3 million for the three months ended March 31, 2015 (an increase of 15% over the same period in 2014) compared to revenue of $10.7 million for the three months ended March 31, 2014. The revenue increase was caused by wells being offline for the San Jacinto drilling remediation program in the first quarter 2014 and the 3% annual tariff increase..
- The plant generated operating income in the first quarter 2015 of $2.2 million, a 105% increase ($1.1 million) from $1.1 million generated in the first quarter 2014, and cash flows from operations of $7.1 million increased 97% ($3.5 million) from $3.6 million in the first quarter 2014.
Ram Power Corporate Update
- On April 30, 2015, the Company completed a private placement of 18,598,500,000 subscription receipts at a price of Cdn$0.004 per subscription receipt to Goodwood Inc. (“Goodwood”) and other investors arranged by Goodwood. The private placement raised gross proceeds of approximately US$60 million, which amount has been placed into escrow pending satisfaction of certain escrow release conditions. Each subscription receipt entitles the holder to receive, without payment of additional consideration, one pre-consolidation common share in the capital of Ram Power upon satisfaction of certain release conditions. Goodwood was paid a fee of 1,000,040,000 pre-consolidation common shares of the Company for its role in the private placement.
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Source: Ram Power