VANCOUVER, Dec. 15 /CNW/ - Magma Energy Corp. (TSX:MXY) announces that it has extended its existing $10 million
credit facility from Ross Beaty, its Chairman and CEO from a 12 month
term to a 24 month term and has increased the amount available under
the facility to $20 million. Draws will be made in tranches as
necessary to meet working capital needs, particularly during the period
that $28.8 million of Magma's cash resources are restricted under a
four month bridging facility entered into in connection with Magma's
final HS Orka purchase payment on December 7, 2010. Any funds drawn
down by Magma from the facility will bear identical terms as per the
original facility entered into on July 5, 2010.
About Magma Energy Corp.
Magma Energy Corp. is a geothermal power company which operates,
develops, explores and acquires geothermal energy projects. We have 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.
SOURCE MAGMA ENERGY CORP.
For further information: For further information:
Alison Thompson, Vice President, Corporate Relations
Magma Energy Corp.