Sierra Geothermal/ Ram Power merger receives shareholder approval
The merger of Sierra Geothermal Power Corp. and Ram Power, Corp has been approved by the shareholders of Sierra with an approval of 99.42%, making Sierra Geothermal Power a fully owned subsidiary of Ram Power.
In a release by both companies, “Sierra Geothermal Power Corp. and Ram Power, Corp. are pleased to announce that the shareholders of Sierra have approved the proposed plan of arrangement between Sierra and Ram Power under the Business Corporations Act (British Columbia). At Sierra’s meeting, the Arrangement was approved by 99.42% of the common shareholders of Sierra that were present in person or by proxy.
Pursuant to the Arrangement, Ram Power will acquire all of the issued and outstanding shares of Sierra and current holders of Sierra options, warrants and unit warrants will be entitled to receive Ram Power shares upon the exercise of such securities in accordance with their terms and upon the terms of the arrangement agreement dated July 7, 2010, as amended by an amendment dated July 28, 2010. Upon completion of the Arrangement, Sierra will become a wholly owned subsidiary of Ram Power and Ram Power will continue to be engaged in the business of acquiring, exploring, developing and operating geothermal properties through its subsidiaries.
The Arrangement requires approval by the Supreme Court of British Columbia. The hearing in respect of the final order to approve the Arrangement (the “Final Order”) is currently anticipated to take place on September 1, 2010 at 10:00 a.m. (Vancouver Time). No hearing is scheduled. If the Final Order is obtained on September 1, 2010, and all other conditions to completion of the Arrangement are satisfied or waived, it is expected that the Arrangement will be completed September 2, 2010.
For further details regarding the Arrangement, please refer to the management information circular dated July 28, 2010, a copy of which is available under the corporate profile of Sierra on the System for Electronic Document Analysis and Retrieval at www.sedar.com.”
Source: Company release via Marketwatch