ERM Power to Sell West Australian Gas Assets to Empire O&G for $15M
“We believe these assets have strong commercial potential, enhanced by their proximity to Perth, and that Empire has the management experience and expertise to develop them.”
“After the work we did last year to improve the governance and operation of Empire, the company is well placed to take full ownership of these gas tenement interests and to grow its business. Empire’s consolidated ownership of these assets will allow it access to a range of funding options and a focused investor base with which it can look to further commercialize Red Gully and Gingin West and continue exploration.”
The parties are currently finalizing long form documentation to implement the Transactions. The Transactions are subject to the approval of Empire shareholders at a general meeting to be held no later than Nov. 17 and other regulatory and contractual approvals. ERM Power and its associates will be restricted from voting on the Transactions resolutions.
An explanatory memorandum and independent expert’s report will be sent to Empire shareholders prior to its general meeting. ERM Power shareholders are not required to approve the Transactions.
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