SOURCE: Ram Power, Corp.

Ram Power, Corp.

July 02, 2013 08:00 ET

Ram Power, Corp. Announces Agreement With Project Lenders to Extend Construction Loan Period for San Jacinto-Tizate

RENO, NV--(Marketwired - Jul 2, 2013) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today that the Company reached an agreement with its project lenders syndicate, led by the International Finance Corporation (the "Lenders"), to amend its Phase II Credit Agreement for the San Jacinto-Tizate Project (the "Project"). 

The Company and the Lenders reached an agreement to amend its Phase II Credit Agreement for Project to extend the date for conversion of the construction loan to a term loan from June 29, 2013 to July 31, 2013. The amendment provides for sufficient time for the Company and lenders to modify and obtain credit committee approvals for certain conditions precedent associated with the loan documents for conversion. 

Antony Mitchell, Executive Chairman of the Company, stated, "The Company and the Phase II lending syndicate continue to finalize the conditions precedent for the term-out conversion of the Phase II Credit Facility. With the ThermaSource drilling rig now in Nicaragua, we look forward to a successful remediation program and the increase in production at San Jacinto."

Cautionary Statements

This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power undertakes no obligation to update forward-looking information, other than as required by law, or comment on analyses, expectations or statements made by third parties in respect of Ram Power, or its financial or operating results or its securities.

Contact Information