* Extends tenure to two years
* Says facility from CEO
Dec 15 (Reuters) - Magma Energy Corp, a Canadian geothermal power company, said its credit facility from Chief Executive Ross Beaty has been doubled to C$20 million ($19.96 million) and its tenure extended to two years.
Earlier in July, Magma said Beaty, who has a 42 percent stake in the company, will provide it with a C$10 million credit facility to help fund the purchase of Iceland-based geothermal company HS Orka.
On Dec. 7, Magma completed the final $27 million payment for the HS Orka buy, for which it had arranged a short-term loan.
Shares of Vancouver-based Magma have gained about 18 percent since July, when Beaty provided the first chunk of the credit facility. They closed at C$1.38 on Wednesday on the Toronto Stock Exchange.
($1=1.002 CANADIAN DOLLAR)
(Reporting by Gowri Jayakumar in Bangalore; Editing by Don Sebastian)
((gowri.jayakumar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: gowri.jayakumar.thomsonreuters.com@reuters.net) Keywords: MAGMAENERGY/
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Says facility from CEO
Dec 15 (Reuters) - Magma Energy Corp, a Canadian geothermal power company, said its credit facility from Chief Executive Ross Beaty has been doubled to C$20 million ($19.96 million) and its tenure extended to two years.
Earlier in July, Magma said Beaty, who has a 42 percent stake in the company, will provide it with a C$10 million credit facility to help fund the purchase of Iceland-based geothermal company HS Orka.
On Dec. 7, Magma completed the final $27 million payment for the HS Orka buy, for which it had arranged a short-term loan.
Shares of Vancouver-based Magma have gained about 18 percent since July, when Beaty provided the first chunk of the credit facility. They closed at C$1.38 on Wednesday on the Toronto Stock Exchange.
($1=1.002 CANADIAN DOLLAR)
(Reporting by Gowri Jayakumar in Bangalore; Editing by Don Sebastian)
((gowri.jayakumar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: gowri.jayakumar.thomsonreuters.com@reuters.net) Keywords: MAGMAENERGY/
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.