Nevada Geothermal Power Announces Reorganization Plans, Proposed Name Change


Nevada Geothermal Power Inc. (NGP.V) will implement a reorganization plan that was approved earlier by shareholders at the Annual and Special General Meeting on July 24, 2012.

It is proposed that the Company name will be changed to "Alternative Earth Resources Inc." upon completion of the reorganization plan, and there will be approximately 24,482,000 shares outstanding following a 1 for 5 reverse split of the stock. Completion of the reorganization is subject to the acceptance of the TSX Venture Exchange.

On closing of the Blue Mountain equity transfer agreement as announced January 16, 2013, the Company will have ownership interests in four geothermal development properties in the western US (Crump Geyser, New Truckhaven, Pumpernickel and North Valley) and no long-term liabilities. The Company will not have an ownership interest in the Blue Mountain project.

The Company will seek buyers and/or joint venture partners for its advanced-stage geothermal projects.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by