Sierra losses widen in second quarter

In Canada, Sierra Geothermal Power Corp. reported results for its second quarter ended June 30, 2010. The company’s net loss rose from $642,400 in the second quarter of 2009 to $912,636. For the first six months , net loss more than doubled to $2,349,219 compared to $1,070,631 a year ago. As of June 30, 2010, Sierra’s cash and working capital were just about halved to $4,086,346 and $3,902,147, respectively, compared to $8,260,320 and $6,664,549 on December 31, 2009. The company has scheduled a special meeting of shareholders for August 31 where shareholders will consider adopting a special resolution approving a proposed plan of arrangement with Ram Power, Corp. The plan will need at least sixty six and two thirds percent of the votes cast by shareholders represented in person or by proxy at the special meeting to pass.