PERTH (miningweekly.com) – ASX-listed Pure Hydrogen is poised to take a 19.9% stake in Botswana-focused Botala Energy as part of a sale and purchase agreement.
Pure Hydrogen last year struck an agreement with Botala for a significant shareholding in the Africa-focused energy developer, in exchange for a 21% interest in the Serowe gas project, with Pure Hydrogen to retain a 30% stake in the project which will be free carried until the end of next year.
Botala is now readying for an initial public offering (IPO) and is hoping to list on the ASX by July this year.
Pure Hydrogen shareholders will have the opportunity to participate in the IPO and will be offered priority access, with up to 15-million shares in Botala, priced at 20c each, up for offer.
Meanwhile, Pure on Tuesday also told shareholders that it has signed an extension to an existing memorandum of understanding with Botala over the Serowe Hydrogen project, which will now extend until the end of 2022.
The two companies are investigating the establishment of a renewable energy business targeting power generation, with hydrogen and solar projects, as well as other green energy projects being considered, drawing on Pure’s established partnerships and operations in the Australian hydrogen sector.
“We are excited about the collaboration between Pure and Botala and look forward to Botala being admitted to the ASX and continuing to grow the Serowe coal bed methane project,” said Hydrogen MD Scott Brown.
“This provides many more options to advance the development of Serowe and explore potential hydrogen projects in Botswana. This is also a great opportunity for Pure shareholders to access direct exposure to this project in Botswana.”