Magma Energy raises stake in HS Orka to 98.53%

(ADPnews) – Sep 6, 2010 - Canadian geothermal power company Magma Energy Corp (CVE:MXY) said on Friday its subsidiary, Magma Energy Sweden AB, has raised its interest in Iceland geothermal energy company HS Orka hf to 98.53% by acquiring an additional 14.32%.

Magma Sweden has acquired 14.32% of HS Orka's outstanding shares from Geysir Green Energy ehf by assuming a bond with the municipality of Reykjanesbaer with a principal value of ISK 6.3 billion (USD 53.7m/EUR 41.7m). the bond is repayable in 2016 with interest at 3.5% per annum.

Magma and Geysir signed the agreement about the full acquisition of HS Orka in May 2010. Magma said that the last transaction has closed the final portion of the previously announced agreement on HS Orka’s acquisition.

(ISK 1.0 = USD 0.009/EUR 0.007)

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