Sierra, Ram finalize acquisition

In Canada, Sierra Geothermal Power Corp. and Ram Power Corp. announced that they have entered into a definitive arrangement agreement that will let Ram acquire all the issued and outstanding common shares of Sierra. Under the terms, each common share of Sierra will be exchanged for 0.0833333 of a common share of Ram, and all options and warrants of Sierra will become exercisable for options and warrants of Ram on a basis equivalent to the exchange ratio. On closing, Ram is expected to issue approximately 11.13 million common shares to the current shareholders of Sierra. The transaction is subject to there being at least $2.9 million of working capital of Sierra at closing as well as the approval of TSX, TSXV, common shareholders of Sierra, and the courts. The deal is expected to close during the third quarter.