Shareholders Approve Plan of Arrangement Between Sierra Geothermal Power Corp. and Ram Power, Corp.
01 September 2010 - 11:00PM
Marketwired
Sierra Geothermal Power Corp. (TSX VENTURE: SRA) ("Sierra") and Ram
Power, Corp. (TSX: RPG) ("Ram Power") are pleased to announce that
the shareholders of Sierra have approved the proposed plan of
arrangement between Sierra and Ram Power under the Business
Corporations Act (British Columbia) (the "Arrangement"). At
Sierra's meeting, the Arrangement was approved by 99.42% of the
common shareholders of Sierra that were present in person or by
proxy.
Pursuant to the Arrangement, Ram Power will acquire all of the
issued and outstanding shares of Sierra and current holders of
Sierra options, warrants and unit warrants will be entitled to
receive Ram Power shares upon the exercise of such securities in
accordance with their terms and upon the terms of the arrangement
agreement dated July 7, 2010, as amended by an amendment dated July
28, 2010. Upon completion of the Arrangement, Sierra will become a
wholly owned subsidiary of Ram Power and Ram Power will continue to
be engaged in the business of acquiring, exploring, developing and
operating geothermal properties through its subsidiaries.
The Arrangement requires approval by the Supreme Court of
British Columbia. The hearing in respect of the final order to
approve the Arrangement (the "Final Order") is currently
anticipated to take place on September 1, 2010 at 10:00 a.m.
(Vancouver Time). No hearing is scheduled. If the Final Order is
obtained on September 1, 2010, and all other conditions to
completion of the Arrangement are satisfied or waived, it is
expected that the Arrangement will be completed September 2,
2010.
For further details regarding the Arrangement, please refer to
the management information circular dated July 28, 2010, a copy of
which is available under the corporate profile of Sierra on the
System for Electronic Document Analysis and Retrieval at
www.sedar.com.
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada,
engaged in the business of acquiring, exploring, developing, and
operating geothermal properties and has interest in geothermal
projects in the United States, Canada, and Latin America.
About Sierra Geothermal Power Corp.
Sierra is a Vancouver-based geothermal energy company focused on
the exploration and development of clean, sustainable power in
Western North America. Sierra has 100% control over its 120,000
acre portfolio of geothermal properties in Nevada, California and
British Columbia. Sierra's projects have a combined total estimated
capacity of almost 400MW.
On behalf of the Board of Directors
Gary Thompson, President, Chief Executive Officer &
Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements.
Forward-looking statements are projections of events, revenues,
income, future economic performance or plans and objectives for
future operations. In some cases you can identify forward-looking
statements by the use of terminology such as "may", "should",
"anticipates", "believes", "expects", "intends", "forecasts",
"plans", "future", "strategy", or words of similar meaning.
Forward-looking statements in this press release include statements
about completion of the Arrangement and the future business of Ram
Power and its subsidiaries. While these forward-looking statements
and any assumptions upon which they are based are made in good
faith and reflect the current judgment of management at both Ram
Power and Sierra, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections,
assumptions or other forward-looking information suggested in this
press release. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors, including
the risks that the companies cannot obtain the consents that may be
required in order to consummate the transaction, the risk of
adverse changes to either company or the industry in which they
operate, as well as the general business risks described in the
periodic disclosure documents filed by Ram Power and Sierra on
SEDAR, copies of which are available at www.sedar.com. Any of these
risks could cause actual results or achievements to be materially
different from those that are expressed or implied by the
forward-looking statements contained in this press release. Except
as required by applicable law, neither of Ram Power or Sierra
intends to update any of the forward-looking statements to conform
these statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Ram Power, Corp. Steven Scott Director of Investor
Relations +775-398-3711 sscott@ram-power.com www.ram-power.com
Sierra Geothermal Power Corp. Gary Thompson President and CEO (604)
683-0332 x 119 gthompson@sierrageopower.com
www.sierrageopower.com
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