On May 13, 2011, Canadian-based clean power company Plutonic Power Corporation (TSX: PCC) and geothermal power company Magma Energy Corp. (TSX: MXY) announced the completion of the merger of the two companies pursuant to a plan of arrangement, previously approved by the Supreme Court of British Columbia on May 9, 2011.
Pursuant to the arrangement, Magma acquired all of the outstanding shares of Plutonic on the basis of 2.38 common shares of Magma and Cdn. $0.0001 in cash for each Plutonic common share. In addition, all of the outstanding stock options to purchase Plutonic common shares are now exercisable for common shares of Magma in accordance with the same exchange ratio.In connection with the arrangement, Magma changed its name to "Alterra Power Corp." and its common shares began trading on the Toronto Stock Exchange under the symbol "AXY".
Fasken was counsel to the special committee of Plutonic in this transaction with a team led by Blair Horn and that included Frank Schober, Don Dalik, Tracey Cohen, QC, Georald Ingborg, Mark Pontin, Mark Hawkins and Samuel Li.