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(Alliance News) - Oracle Power PLC on Monday reported the acquisition of two highly prospective gold projects in Western Australia.
The AIM-listed natural resources & power project developer said the acquisition of these assets, which are both located in gold mining districts, advances its strategy to become an international developer of high quality natural resources and power projects, offering investors exposure to multiple commodities and value trigger events.
Oracle Power said the acquisition of the Northern Zone project and Jundee East project satisfied by a payment of GBP90,000 in cash and the issue of 42.9 million of the company's shares.
Warrants to subscribe for 42.9 million shares in the company exercisable at a price of 1.1 pence for 24 months from issue will also be issued to the vendor, Oracle Power said.
"To secure a deal on these assets in Western Australia is a very significant and exciting new development for Oracle," said Chief Executive Naheed Memon. "Furthermore, the acquisition of these projects significantly strengthens our investment proposition and appeal to new investors."
AIM-listed Oracle Power shares were trading 2.0% higher in London on Monday at 0.61 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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