Top End Energy Limited (ASX:TEE) entered into a binding conditional Share Purchase Agreement to acquire Serpentine Natural Hydrogen Project for CAD 14 million on December 4, 2024. A cash consideration of CAD 0.3 million will be paid by Top End Energy Limited. The consideration consists of 107 million shares of Top End Energy Limited.
The transaction is subject to entry into, and completion under, Share Purchase Agreements with the minor vendors, the Top End Energy Limited raising not less than CAD 4 million by way of a placement of Top End Energy Limited shares at an issue price of CAD 0.10 per share, the Top End Energy Limited completing due diligence on Serpentine, the Top End Energy Limited entering into a service agreement with Luke Velterop and the Top End Energy Limited obtaining all necessary shareholder and regulatory approvals. Top End Energy Limited obtained its shareholder approval on January 28. 2025.
