Plutonic Power Corp. and Magma Energy Corp. have announced that the Supreme Court of British Columbia has issued a final order approving the plan of arrangement involving the companies.
As previously announced in March, Magma and Plutonic have entered into an arrangement agreement whereby Magma has agreed to acquire all of the issued and outstanding shares of Plutonic, which has 168 MW of hydro and wind assets.
Each Plutonic shareholder will receive 2.38 shares of Magma and C$0.0001 in cash for each Plutonic share held. At the special and annual general meeting of the shareholders of the company held on April 28, shareholders of Plutonic approved the arrangement. As a result, Magma will change its name to Alterra Power Corp. and Plutonic will become its wholly owned subsidiary.
Completion of the arrangement is expected to occur on May 13.