VANCOUVER, April 28 /CNW/ - Plutonic Power Corporation ("Plutonic" or the "Company") (TSX: PCC) is pleased to announce that the shareholders of Plutonic have approved the previously announced plan of arrangement (the "Arrangement") involving Magma Energy Corp. ("Magma") at the special and annual general meeting of the shareholders of the Company (the "Meeting") held earlier today in Vancouver.
73.47% of the votes cast by shareholders of Plutonic represented in person or by proxy at the Meeting were voted in favour of the Arrangement.
As previously announced on March 7, 2011, Magma and the Company have entered into an arrangement agreement whereby Magma has agreed to acquire all of the issued and outstanding shares of Plutonic. Each Plutonic shareholder will receive 2.38 shares of Magma and $0.0001 for each Plutonic share held. All outstanding options to purchase Plutonic shares will be exchanged for options to purchase common shares of Magma in accordance with the same exchange ratio.
The completion of the Arrangement remains subject to approval by the Supreme Court of British Columbia and certain other conditions precedent. Following the Arrangement, Magma will change its name to Alterra Power Corp. and Plutonic will become its wholly-owned subsidiary.
About Plutonic Power Corporation
Plutonic Power identifies, develops and operates clean power projects in a safe reliable and efficient manner. Plutonic Power strives to be a leader in clean power. Plutonic's principal operating facilities are the Toba Montrose Hydroelectric Project and the Dokie Wind Farm. These assets are held in partnership with GE Energy Financial Services of which Plutonic is the managing and operating partner. For more information, visit www.plutonic.ca.
About Magma Energy Corp.
Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. Magma has an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and two in Iceland. For more information, visit www.magmaenergycorp.com.
The Toronto Stock Exchange does not accept responsibility f or the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the court approval and closing of the Arrangement. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
SOURCE Plutonic Power Corporation
For further information: Lisa May, Director, Investor Relations, Direct: 604-678-6743, Cell: 604-314-3362, firstname.lastname@example.org; Anders Kruus, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604-646-1882, Email: email@example.com