By Region, General, By Region,North America - August 29, 2009
Western GeoPower and Polaris Geothermal swallowed by Ram Power
written by: lxrichter
Reported by Project Finance, Ram Power is completing the merger with Western GeoPower and Polaris Geothermal. Both companies are listed in Toronto. Western GeoPower has two projects in development, a project at The Geysers in California and Meagers Creek in British Columbia, Canada.
Polaris Geothermal is extending the power plant at San Jacinto in Nicaragua. Ram Power was formed in 2007 by former executives of Ormat Technologies, lead by Hezy Ram.
According to Project Finance, Ram Power will lead the newly merged firm. It took control of the two companies after a revers takeover of GTO Resources, listed on the Toronto Stock Exchange. The company also recently raised US$165 million in a placement.
Source: Project Finance
This entry was posted on Saturday, August 29th, 2009 at 9:55 pm and is filed under By Region, General, North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
What happens to the value of western geo stock after the merger?
Mine appears to have been exchanged at a ration of 16:1. I appear to have taken a 14% loss in the process.