Empire Power Group Ltd (EEG.AX) Acquisition of EMG Beetaloo Pursuits
Sydney, Australia, April 26, 2021 – (ABN Newswire) – Empire Power Group Restricted (ASX:EEG) (OTCMKTS:EEGUF) is happy to announce that EMG Northern Territory Holdings Pty Restricted (“EMG NT”), a member of The Power & Minerals Group (“EMG”), has delivered a Discover of Train of Tag Alongside Proper (“the Tag Proper”) to Pangaea (NT) Pty Restricted (“Pangaea”) pursuant to which it has exercised its proper to promote its 17.5% curiosity in EP167, EP168, EP169, EP198 and EP305 (collectively, “the Tenements”) to Imperial Oil & Fuel A Pty Restricted, an entirely owned subsidiary of Empire, on the identical professional rata phrases because the sale of Pangaea’s pursuits within the Tenements. The Tag Proper was flagged to Empire shareholders within the announcement dated 14 April 2021.
EMG is a non-public funding agency targeted on the pure sources sector with Regulatory Belongings Underneath Administration of roughly US$12 billion as of 31 December, 2020, primarily based in Houston, Texas, USA.
The important thing monetary phrases of the acquisition of the EMG NT pursuits, which can be topic to lengthy kind documentation and shareholder approval at an Extraordinary Normal Assembly to approve the acquisition of the Tenements, can be as follows:
– $1.061 million money (to be funded from current money at financial institution)
– 29,696,970 atypical Empire shares, of which 11,666,667 can be escrowed for 12 months from the date of difficulty and 13,348,485 can be escrowed for twenty-four months from the date of difficulty
– 1,696,970 choices to accumulate atypical Empire shares at $0.70 per share which can expire 3 years after their difficulty date
On completion, EMG will personal roughly 5% of the atypical share capital of Empire.
Empire seems to be ahead to welcoming EMG to the register and can advise shareholders as soon as the Sale and Buy Settlement between Imperial and Pangaea has been amended to include the acquisition of the EMG NT pursuits within the Tenements.
Following the acquisition of EMG NT’s pursuits within the Tenements, Empire will personal a 100% curiosity in all of its Beetaloo and McArthur Basin properties.
To view figures, please go to:
About Empire Power Group Ltd:
Empire Power (ASX:EEG) (OTCMKTS:EEGUF) holds over 14.5 million acres of extremely potential exploration tenements within the McArthur and Beetaloo Basins, Northern Territory. Work undertaken by the Firm since 2010 demonstrates that the Japanese depositional Trough of the McArthur Basin, of which the Firm holds 80% has very appreciable typical and unconventional hydrocarbon potential. The Beetaloo sub-Basin, through which Empire holds a considerable place, has independently assessed world class hydrocarbon volumes in place with a serious ramp up in business exercise underway to appraise substantial discoveries already made by main Australian oil and fuel operators.
Empire Power is an skilled typical oil and fuel producer with operations within the Appalachia area (New York and Pennsylvania). Empire has been efficiently creating and producing oil and fuel since 2006.
Empire Power Group Ltd
Empire Power Group Ltd
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