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Jul 22, 2009Geothermal Power Companies Announce Intent to Combine Business to Raise $100MM in Equity Financing
Vancouver, Canada, July 15, 2009, GTO Resources Inc. (NEX:GTR.H) (“GTO”), Polaris Geothermal Inc. (“Polaris”; TSX:GEO), Western GeoPower Corp. (“Western”; TSX-V:WGP) and Ram Power, Inc., a private Delaware corporation (“Ram”) are pleased to announce that they have entered into a letter of intent dated July 14, 2009 (“LOI”) with respect to a proposed business combination to create a new, publicly-traded geothermal power company (the “Transaction”). The LOI is in addition to the letter of intent with Ram announced by GTO on June 30, 2009.
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