Magma Sweden, the wholly owned subsidiary Magma Energy established to acquire Orka, owns 84.2% of the Icelandic geothermal power producer as of this transaction.

The deal includes payment of about 3.9bn Icelandic Kroner ($32.3m) and 24.8m subscription receipts to Geysir Green Energy, convertible to Magma Energy stock on 18 December.

Magma may also repurchase some or all of the receipts between 4 September and 11 December for up to $29.5m.