Prominence Energy said that Hartshead Resources will be taking a significant 19.99% stake in the company through a private placement, raising $389,000 before costs.
The strategic investment aims to leverage HHR's financial and technical resources to assist PRM in pursuing value-accretive investments.
As part of this collaboration, Bevan Tarratt, the executive chairman of HHR, has been appointed as executive director of Prominence Energy, effective immediately.
Additionally, Quinton Meyers has also joined the Prominence Energy board as a non-executive director.
The appointments are expected to bolster the expertise and skills available to PRM. Alex Parks, Managing Director of Prominence Energy has announced his retirement, effective on or before the company's annual general meeting.
Parks' eparture marks the end of his dedicated tenure and the beginning of new leadership under the guidance of Tarratt and Meyers.
Prominence Energy's Chairman, Ian McCubbing, expressed his enthusiasm about the recent changes, "This is the start of an exciting new phase in the company's development. Prominence Energy is very pleased to attract HHR as a strategic investor in our company. HHR is a successful explorer moving along the development pathway to becoming a significant UK gas producer."
The proceeds from this investment will be deployed to fund Prominence Energy’s exploration and development activities, as well as for general working capital purposes.
At the time of reporting, Prominence Energy's share price was $0.0060.