Geothermal Company Prices IPO

Geothermal company Magma Energy Corp. announced the pricing of its initial public offering of 66,667,000 common shares at a price of C$1.50 per common share, for total gross proceeds of approximately C$100 million. The offering is expected to close on July 7, 2009.

The company currently has one operating power generation plant in Nevada, four advanced-stage exploration properties and 14
earlystage exploration properties throughout
the Western United States and Latin America.

A syndicate of underwriters, co-led by Raymond James Ltd. and Cormark Securities Inc., has managed the offering. The other members of the syndicate are Canaccord Capital Corporation, National Bank Financial Inc., Dundee Securities Corporation, Jacob & Company Securities Inc. and Wellington West Capital Markets Inc.

Magma has received conditional approval for the listing of its common shares on the Toronto Stock Exchange under the symbol "MXY". Listing is subject to Magma fulfilling all of the requirements of the Toronto Stock Exchange on or before September 21, 2009, including distribution of the common shares to a minimum number of public shareholders.

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