Stonehenge Metals Completes Due Diligence for Acquisition of Protean Energy
Stonehenge Metals Ltd has successfully completed its due diligence in relation to the option agreement with Protean Energy Limited.
The only completion pre-condition remaining is the execution of the formal transaction documents, which along with final completion, is expected to occur within the next 7 days.
The agreement with PEL grants Stonehenge an exclusive 24 month unrestricted licence and an option to acquire 100% of the equity of Protean Energy Australia Pty Ltd (PEA) (the Option). PEA holds the intellectual property titles, rights and licenses to the Protean Wave Energy Converter Technology (together the Protean WEC).
CPS Capital, in its capacity as lead manager to the rights issue, is continuing discussions with potential strategic investors to place the balance of the shortfall and the Company expects to issue the remaining 33,999,968 Shortfall Shares for $169,999 in due course.
Press release; Image: stonehengemetals