Whitebark Vitality Ltd. has signed a Bid Implementation Settlement with Sort Vitality Ltd. to amass all of the issued securities of the latter. Whitebark mentioned in a media launch the acquisition can be carried out by means of separate off-market takeover affords for King Vitality shares and choices.
The acquisition of King Vitality will present Whitebark with entry to among the largest seismically outlined constructions onshore Australia internet hosting the potential for vital potential assets of naturally occurring hydrogen and helium, along with hydrocarbon prospectivity, the corporate mentioned.
King Vitality presently owns 70 % of considered one of Australia’s largest potential, onshore seismically outlined sub-salt, white hydrogen, helium, and fuel initiatives, positioned within the Officer Basin, South Australia (the Alinya Challenge), with an possibility to amass the remaining 30 %, Whitebark mentioned.
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The corporate added it can concern 100 million new Whitebark shares at a deemed concern value of $0.012 per share and 100 million new Whitebark choices (exercisable at $0.05 on or earlier than March 31, 2030) as consideration for the acquisition of King Vitality. The implied worth of the acquisition is AUD 1.7 million ($1 million), the corporate mentioned.
“The acquisition of King Vitality is a really optimistic consequence for the corporate, providing entry to a few of Australia’s largest seismically outlined onshore constructions. The exploration alternatives present Whitebark with publicity to the fast-growing white hydrogen trade, at the side of high-demand and high-priced helium, and hydrocarbons to gas Australia’s vitality transition necessities”, Mark Lindh, Whitebark Govt Director, mentioned.
“The Officer Basin in South Australia is a comparatively underexplored frontier basin which affords the potential for vital potential assets in massive seismically outlined constructions. All parts obligatory for a working white hydrogen, helium, and hydrocarbon system are confirmed. With the Whitebark acquisition of King Vitality, it’s anticipated that exploration actions will start instantly, concentrating on drilling as quickly as Q1 2026. The corporate is anticipating onshore exploration to be low-cost with standard reservoir depths between 1,200 meters and a pair of,000 meters (3,940-6,560 toes)”, Richard King, King Vitality Director, added.
Whitebark mentioned it intends to undertake a capital elevating early in 2025 to offer funding for exploration actions. The proceeds can be channeled towards soil geochemistry and 2D seismic acquisition of the Alinya Challenge, seismic interpretation of research to evaluate the prevailing discovery and presence of deeper intensive Permian sands, and growth research and useful resource evaluation of the King Vitality’s Cooper Basin geothermal mission.
To contact the creator, electronic mail andreson.n.paul@gmail.com
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