The Directors of Thor Energy Plc (AIM, ASX: THR) are pleased to announce it has now entered into a binding Acquisition Agreement to acquire 80.2% of the issued share capital of Go Exploration Pty Ltd (Go Exploration), the Australian-based natural (white) hydrogen and helium explorer and undertaken a capital raise, completed at no discount to the mid-market price of 0.75p, of GBP£1,000,000 (~A$1,958,097) before expenses.
WATCH: Thor Energy Executive Chairman Alastair Clayton joined Steve Darling from Proactive to discuss the company’s acquisition of an 80.2% stake in Go Exploration, an Australian hydrogen and helium exploration company with over 22,000 sq km in exploration acreage, including the PEL120 license and two additional applications in South Australia.
HIGHLIGHTS
AQUISITION
• Conditional acquisition of 80.2% of white hydrogen and helium explorer Go Exploration
• Go Exploration holds one of only 3 granted hydrogen and helium exploration licences in South Australia (PEL 120) and strategic, high potential application areas covered by applications (PELAs 697 and 709)
• PEL 120, is located near the notable Gold Hydrogen Limited Ramsay-1 and Ramsay-2 hydrogen
and helium discoveries.
• Go Exploration portfolio positioned for rapid generation of drill ready targets (PEL 120) and follow up in high generative potential areas (PELAs).
• Acquisition in line with Thor strategy to focus on the ‘clean’ energy economy.
PLACEMENT
• The Company has conditionally raised, in aggregate, gross proceeds of GBP£1,000,000 (~A$1,958,097) via the placing of 133,333,316 new ordinary shares of 0.1p each (Ordinary Shares) (Placing Shares) at a price of 0.75 pence (approx. AUD$0.015) per Ordinary Share (Placing Price), comprising:
- approximately GBP£709,894 (~A$1,390,041) by means of a firm placing (Firm Placing) with certain institutional and sophisticated investors of 94,652,516 new ordinary shares (Firm Placing Shares) at the Placing Price; and
- approximately GBP£290,106 (~A$568,056) by means of a conditional placing (Conditional Placing and together with the Firm Placing, the Placings) with certain institutional and sophisticated investors of 38,680,800 new ordinary shares (Conditional Placing Shares and Firm Placing Shares being New Ordinary Shares) at the Placing Price.
• Strong support was received from a broad range of new institutional and sophisticated investors, adding strength to the Company’s share register.
• The Conditional Placing is conditional on the Company obtaining the requisite approvals from Shareholders at a General Meeting, details of which the Company will circulate in due course.
We are super excited to have acquired a 80.2% majority stake in Go Exploration subject to various conditions and shareholder approvals. Go Exploration is an early mover in the hydrogen and helium exploration space and have amassed over 22,000 sq km in exploration acreage across granted PEL120 (6,336 sq km) and 2 licence applications (15,908sq km) in South Australia.
These projects are prospective for naturally occurring hydrogen “white” and helium. This is a clean energy sector we are extremely keen to enter but quality opportunities in investable jurisdictions are few and far between.
Aside from the fantastic geological and geographical attributes of the Go portfolio, what makes this acquisition so compelling is the granted status of the large and highly prospective PEL 120 (RSEL 802) licence and the strategic licence applications associated with key infrastructure and where high hydrogen generation potential has already been interpreted. Thor can, through this acquisition, join only two other companies with granted licences for hydrogen exploration in South Australia. This peer group comprises Gold Hydrogen Limited (ASX: GHY) fully diluted market cap. ~ A$122m and private company H2EX. Upon completion of this transaction, it is proposed that Thor move rapidly with the aim to establish a prospective resource on several well worked up prospects in advance of drilling in 2025.
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