Magma Energy closes on another 38% of HS Orka

In Canada, despite opposition from some quarters in Iceland, Magma Energy Corp. subsidiary Magma Energy Sweden A.B. has managed to close on another portion of a previously announced agreement to acquire further shares of HS Orka hf. Magma Sweden added 38.03% of outstanding shares belonging to Geysir Green Energy ehf and now holds an 84.21% interest in the company. An announced agreement to acquire Geysir’s remaining 14.32% interest in HS Orka has not closed and remains subject to certain outstanding closing conditions, which are expected to be met in the near term.