New Issue: Magma Energy arranges C$21.56 million private placement of common stock

By Devika Patel

Knoxville, Tenn., Oct. 15 - Magma Energy Corp. said it plans a C$21.56 million private placement of stock.

The company will sell 11,652,639 common shares at C$1.85 apiece.

Proceeds will be used to finance Magma's purchase of an initial 8.62% interest in the Icelandic geothermal company HS Orka.

Magma Energy is a Vancouver, B.C.-based geothermal energy company.

Issuer:	Magma Energy Corp.
Issue:	Common shares
Amount:	C$21,557,382
Shares:	11,652,639
Price:	C$1.85
Warrants:	No
Pricing date:	Oct. 15
Stock symbol:	Toronto: MXY
Stock price:	C$1.91 at close Oct. 14
Market capitalization:	C$450 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.