Wednesday 08.December 2010
Magma Energy Sweden has provided a payment of approximately ISK 3.08 billion (USD 27 million) to Geysir Green Energy to fund the final payment owing under the share purchase agreement between Magma Sweden and Geysir Green, pursuant to which Magma Sweden acquired its 98.53% interest in HS Orka hf. Saga Investment Bank mediated this financing of Magma, which has arranged a short term loan to provide funding for this payment. The loan is secured by a Letter of Credit posted by Magma Energy Corp and the Letter of Credit is secured by cash on deposit in Magma's bank account.
