Vast Solar Pty Limited entered into a Share Sale Agreement (SSA) to acquire a 50% stake in SiliconAurora Pty Ltd from 1414 Degrees Limited (ASX:14D) for AUD 2.5 million on June 15, 2022. The consideration will be paid in cash payable by Vast Solar in two instalments. An initial AUD 1 million is payable at completion and a further AUD 1.5 million following the receipt by Silicon Aurora of a written offer to connect to the transmission system from the relevant Network Service Provider under the rules of the National Electricity Market (NEM) (Connection Agreement).

Entities associated with the owners of Vast Solar will also be granted Call Options in up to 9.9% of the shares in 14D with a strike price of AUD 0.16 per share. The Call Options are non-transferrable and their grant will be conditional upon the execution by Silicon Aurora of the Connection Agreement (for Stage 1 of Aurora), provided that this occurs within 18 months of the date of execution of the SSA. The expiry date of the Call Options is 3 months after being granted.

The completion of the SSA is expected within the next 30 days.