News
Apr 09, 2009CanGEA Corporate Member News: SGP to Acquire Remaining Shares of Cayley
Corporate member news from Sierra Geothermal Power Corporation:
Vancouver, British Columbia – Sierra Geothermal Power Corp. (TSX-V: SRA) is pleased to announce that it has entered into an Amendment to the Securities Exchange Agreement dated April 6, 2009, which, subject to regulatory and shareholder approval, will accelerate its acquisition of Cayley Geothermal Corp. (“Cayley”).
Under the original Share Exchange Agreement, dated November 6, 2006, Sierra Geothermal Power Corp. (“Sierra”) was to acquire all of the Cayley shares owned by three Cayley shareholders in four stages over a three-year period. Three of these four stages have already been completed and Sierra currently owns 83.43% of the outstanding Cayley shares. In the fourth and final stage, Sierra is to exchange an aggregate of 3,220,548 of its common shares for an aggregate of 373,506 Cayley shares (representing the last 16.57% of the Cayley shares) owned by Gary R. Thompson and Joel A. Ronne. This final stage was originally scheduled to complete on November 21, 2009 but under the terms of the Amendment it will be rescheduled to the first business day following the date the Amendment is approved by Sierra’s shareholders. Sierra plans to ask its shareholders to approve the Amendment at its annual general meeting on May 14, 2009.
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