By Devika Patel
Knoxville, Tenn., July 15 - GTO Resources Inc., Polaris Geothermal Inc., Western GeoPower Corp. and Ram Power, Inc. said that they plan to combine and form a new publicly traded company. The companies also said that GTO Resources intends to raise about C$100 million in a private placement of subscription receipts.
GTO Resources will sell the subscription receipts at an anticipated price of C$3.00 apiece.
Cormark Securities Inc. is the lead agent.
Proceeds will be held in escrow pending the completion of the combination and then will be used to develop key projects of the combined businesses.
GTO Resources is a natural resource company based in Vancouver, B.C. Polaris is a renewable energy company based in Toronto. Western GeoPower is a geothermal energy company based in Vancouver. Ram is a private renewable energy development company in Reno, Nev.
| Issuer: | GTO Resources Inc.
|
| Issue: | Subscription receipts
|
| Amount: | C$100 million (approximate)
|
| Price: | C$3.00
|
| Warrants: | No
|
| Agent: | Cormark Securities Inc.
|
| Pricing date: | July 15
|
| Stock symbol: | TSX Venture: GTR.H
|
| Stock price: | C$0.36 at close July 14
|
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