BC court backs first step in Sierra plan

In Canada, the Supreme Court of British Columbia has issued an interim order authorizing Sierra Geothermal Power Corp. to call a special meeting of its shareholders to consider a special resolution approving the proposed plan of arrangement with Ram Power Corp., previously announced by press release on July 8, 2010. The plan would have Ram acquiring all of Sierra’s outstanding shares in exchange for common shares of Ram Power effective upon closing of the arrangement, which will be scheduled to occur after shareholder approval is received. Sierra proposes to hold the special meeting of shareholders August 31, 2010, at the offices of its counsel. The special resolution must be approved by at least 66 2/3% of the votes cast by shareholders represented in person or by proxy at the special meeting.