Ram Power, Corp. Announces Stock Purchase Agreement With US Geothermal for the Geysers Project
RENO, NV--(Marketwired - Apr 7, 2014) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today that it has signed a Stock Purchase Agreement with US Geothermal Inc. for the purchase of the Company's Geysers project for $6,400,000. The Company's subsidiaries included in the transaction include Western Geopower, Inc., Skyline Geothermal Holdings, Inc., and Etoile Holdings, Inc., which, in turn, includes all membership interests in Mayacamas Energy LLC and Skyline Geothermal LLC. The transaction is expected to close on or before April 30, 2014.
The acquired Ram subsidiaries possess the full development interest in the project. These interests include all geothermal leases (covering 3,809 acres), development design plans, and permits for a proposed 26 net megawatt power plant. Also included is land and geothermal mineral rights ownership of the Mayacamas property purchased by Ram in 2010. This property contains 4 of the 5 existing geothermal wells immediately available for production or injection. Finally, the acquisition includes a 50% undivided interest in the geothermal mineral rights relating to the property that contains the 5th existing well also purchased by Ram in 2010. The other 50% interest in this property is contained within an acquired leasehold interest.
"We are pleased with the execution of the stock purchase agreement for the Geysers project," stated Antony Mitchell, Executive Chairman for Ram Power. "We committed to monetizing the Geysers project, which frees additional capital into the Company allowing for the strategic process to be completed during 2014."
About Ram Power, Corp.
Ram Power is a renewable energy company engaged in the business of operating and developing geothermal properties and has interests in geothermal projects in Nicaragua and the United States.
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power undertakes no obligation to update forward-looking information, other than as required by law, or comment on analyses, expectations or statements made by third parties in respect of Ram Power, or its financial or operating results or its securities.
