VANCOUVER, Dec. 22 /CNW/ - Magma Energy Corp. (TSX: MXY) advises that it has issued 24,808,569 shares to a subsidiary of Geysir Green Energy ehf ("GGE") pursuant to the conversion of the subscription receipt issued to GGE as part of the consideration paid by Magma Energy Sweden A.B. ("Magma") for the acquisition of its 98.53% interest in HS Orka hf. Magma's obligations to GGE under the share purchase agreement are now complete.