Canada-based Plutonic Power Corp and Magma Energy have compaleted their merger pursuant to a plan of arrangement.

In connection with the arrangement, Magma will change its name to Alterra Power Corp.

Magma has acquired all of the outstanding shares of Plutonic on the basis of 2.38 common shares of Magma and C$0.0001 in cash for each Plutonic common share.

In addition, all of the outstanding stock options to purchase Plutonic common shares are now exercisable for common shares of Magma in accordance with the same exchange ratio.

Magma is a geothermal power company which owns and operates 198MW of geothermal energy projects.