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NR business consolidation of WWestern and Polaris into RAM
Oct 31, 2009 12:04AM
RAM POWER, CORP. COMPLETES BUSINESS COMBINATION WITH POLARIS GEOTHERMAL INC. AND WESTERN GEOPOWER CORP.
Vancouver, British Columbia (October 20, 2009) – Ram Power, Corp. (TSX: RPG) (formerly GTO Resources Inc.) (“Ram”), Polaris Geothermal Inc. (“Polaris”) and Western GeoPower Corp. (“Western”) are pleased to announce that they have completed the previously announced arrangement involving Ram, Polaris and Western under the Business Corporations Act (British Columbia) (the “Arrangement”). Pursuant to the Arrangement, Ram acquired all of the issued and outstanding securities of Polaris and Western. Concurrent with the closing of the Arrangement, Ram completed the acquisition of issued and outstanding shares of Ram Power, Inc. (“Private Ram”), a private Delaware corporation (the “Ram Acquisition”). The Arrangement was approved at meetings of the securityholders of each of Ram, Polaris and Western held on October 15, 2009 and received the final approval of the Supreme Court of British Columbia on October 19, 2009. As a result of the Arrangement and the Ram Acquisition (collectively, the “Business Combination”) each of Polaris, Western and Private Ram are now subsidiaries of Ram.
Concurrent with the completion of the Business Combination, the board of directors and management of Ram were reconstituted. The board of directors of Ram is currently comprised of Yeheskel (Hezy) Ram, A. Murray Sinclair, Daryl S. Clark, Christopher Thompson and Walter (Mike) Higgins. The current officers of Ram are Yeheskel (Hezy) Ram (President and Chief Executive Officer), Paul Zavesov (Vice President and Chief Financial Officer), Daniel N. Schochet (Executive Vice President), C. Thomas Ogryzlo (Senior Vice President, Latin American Operations), Stuart D. Johnson (Vice President, Geothermal Resources), Christall L. Morris (Vice President, Land and Permitting), Oded (Eddie) Sadan (Vice President, Business Development) and Eduard (Edi) Koren (Vice President, Sales and Marketing).
In addition, in connection with the completion of the Business Combination, the subscription receipts issued pursuant to the subscription receipt financing (the “Financing”) completed by Ram on August 20, 2009, were automatically exercised today into 59,800,000 common shares of Ram. The gross proceeds of the Financing in the amount of $179,400,000, less the agents’ fee and expenses of the Financing, were released from escrow to Ram. Ram will use the proceeds of the Financing to develop its key projects and for working capital and general corporate purposes.
The common shares of Ram will commence trading today on the Toronto Stock Exchange under the stock symbol “RPG