Under the terms of the arrangement, Magma has agreed to acquire all of the issued and outstanding shares of Plutonic, with each Plutonic shareholder receiving 2.38 shares of Magma and $0.0001 in cash for each Plutonic share held. The deal was approved by shareholders in late April.
As part of the deal, Magma will change its name to Alterra Power Corp. and Plutonic will become its wholly-owned subsidiary. Completion of the deal remains subject to certain conditions precedent, and is expected to occur on or around 13 May 2011.
