Ebene News – AU – Province Resources (ASX: PRL) shares acquisition boom – The Market Herald

Province Resources (PRL) has pledged to raise $ 1.35 million for a multi-project and multi-product acquisition

The company has signed a conditional agreement to acquire all of the shares of Ozexco, which holds seven applications for exploration permits in the Gascoyne area of ​​Washington state

The buildings are considered as potential for salt, potash and mineral sands and potentially suitable for a renewable green hydrogen project

President David Frances has been appointed as Managing Director and he said the potential HyEnergy project would allow the company to help decarbonise the global economy

“This is the flip side of decarbonization – as some environmentally conscious companies tackle the electrification of transport and the storage of renewable energy, the Province aims to tackle the decarbonization of the heavy transport and industry by producing zero carbon hydrogen products “

Project HyEnergy, a potential renewable green hydrogen project, could benefit from state and federal government funding designed to support the emerging green hydrogen industry

Western Australia’s hydrogen strategy supports goal of achieving 10% renewable hydrogen blend in the Dampier Bunbury pipeline by 2030

The terms of the proposed acquisition include the consideration of $ 750,000 of shares, 50 million performance shares in three installments and the reimbursement of $ 80,000 spent by vendors on projects to date

In addition, Province Resources has received firm commitments to raise $ 1.35 million through a 15 cents per share placement

The directors have committed to invest $ 250,000, however, this portion of the investment is subject to shareholder approval

PRL shares jumped 262%, trading at 94 cents at 2:08 p.m. AEDT


Ebene News – AU – Province Resources (ASX: PRL) shares acquisition boom – The Market Herald

Source: https://themarketherald.com.au/province-resources-asxprl-shares-boom-on-proposed-acquisition-2021-02-17/