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White Energy executes deal for $5M coal asset
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White Energy executes deal for $5M coal asset

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  • White Energy signed binding agreements to acquire US metallurgical and Surat Basin coal assets.
  • The consideration for the US asset acquisition is valued at approximately $5 million.
  • The acquisitions aim to secure 100% ownership of project holding entities EGR and OC2.

White Energy (ASX:WEC) has signed binding sale and purchase agreements to acquire two coal asset targets, including an initial transaction valued at $5 million.

The move follows prior market updates released by the company on May 22 and July 8 regarding the planned acquisitions.

The transaction details state that the company will issue 83,333,333 shares at $0.06 per share for the EGR purchase.

The acquired US project includes an underground metallurgical coal site alongside an operational preparation plant in Alabama.

Following the announcement, the White Energy share price was unchanged at $0.120.

The company is purchasing full ownership of Essential Global Resources and Oceltip Coal 2.

Completion of the acquisitions remains subject to key conditions precedent.

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