Canadian geothermal power company Magma Energy has raised C$100 million ($87 million) from investors in an initial public offering.
The company has one operating power plant in Nevada, four advanced-stage exploration properties and 14 early-stage exploration properties in the western United States and South America. Magma sold 66.667 million shares at C$1.50 each, in a reportedly oversubscribed deal.
The company plans to make an announcement to this effect today, CEO Ross Beaty, who is the founder and chairman of silver mining business Pan American Silver, told the Cleantech Group. Magma Energy’s shares are expected to begin trading under the ticker symbol MXY.TO on the Toronto Stock Exchange as of July 7. According to a preliminary prospectus filed June 1, the company had hoped to raise about $50 million.
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