Thor Energy PLC on Wednesday announced the proposed acquisition of 80% of Australian-based natural hydrogen and helium explorer Go Exploration Pty Ltd.
Thor Energy is an exploration company with a focus on battery and strategic minerals and with prospective projects in Australia and the US.
Thor Energy said it has entered into a binding acquisition agreement to buy Go Exploration.
The company said it plans to finance the acquisition with a £1 million equity raise, placing of 133.3 million shares at 0.75 pence each.
Thor Energy shares were up 4.4% at 0.84p each in London on Wednesday afternoon.
The placing is conditional on the approval of company shareholders at a general meeting which will take place at the end of November.
Go Exploration holds one of only three granted hydrogen and helium exploration licences in South Australia, as well as strategic, high potential application areas covered by applications.
Executive Chair Alastair Clayton commented: ‘We are super excited to have acquired a 80% majority stake in Go Exploration subject to various conditions and shareholder approvals. Go Exploration is an early mover in the hydrogen and helium exploration space.’
Thor Energy also provided a quarterly update on Wednesday.
Thor Energy noted that on-ground drill site preparations were completed at Groundhog and Rim Rock uranium and vanadium mine areas during the quarter.
The company said it hopes to commence infill and extension reverse circulation drilling at the mine areas in December.
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