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- Pure Hydrogen Corporation (PH2) has agreed to swap its 21 per cent share in the Serowe Gas Project for a 19.99 per cent interest in BotsGas
- BotsGas is Pure Hydrogen’s joint venture partner in the Coalbed Methane (CBM) Serowe project in Botswana and is planning to list on the ASX
- Under the deal, Pure Hydrogen’s stake will be over 28 million shares in BotsGas
- Pure Hydrogen and BotsGas are also pleased to confirm that they have signed a term sheet to establish the Serowe Hydrogen Hub renewable energy business, which is expected to be one of the largest in Africa
- On market close for the day, Pure Hydrogen was in the grey and trading at 18 cents per share
Pure Hydrogen Corporation (PH2) has agreed to swap its 21 per cent share in the Serowe Gas Project for a 19.99 per cent interest in BotsGas.
BotsGas is Pure Hydrogen’s joint venture partner in the Coalbed Methane
(CBM) Serowe project in Botswana and is planning to list on the ASX by the end of the year, under the name Botala Energy.
To list on the ASX, BotsGas will raise $7 million for its initial public offering (IPO).
Under the agreement, Pure Hydrogen will exchange its 21 per cent interest in Serowe for a 19.99 per cent stake in BotsGas on a post IPO valuation basis.
Pure Hydrogen’s stake will be over 28 million shares and is expected to receive over 4.3 options in BotsGas.
The Serowe three CBM well is currently being drilled with a target depth of 500 metres on the Serowe Project and is the second well of a six-well appraisal drilling campaign.
Serowe Project could provide significant energy to Botswana, which is looking to become an energy-independent country.
Managing Director Scott Brown believes this is a good deal for Pure Hydrogen.
“This is a good transaction for Pure Hydrogen as we secure a cornerstone stake in what will be a well-capitalised ASX-listed company dedicated to its operations in Botswana, we retain a significant free-carried portion of the large prospective Serowe project, and the transaction enables us to expand our hydrogen operations into Africa where there is considerable government support.
“Before BotsGas’s IPO, we expect to report on a steady stream of updates as our renewables JV in Botswana advances as well as ongoing progress with the drilling at Serowe which is progressing to plan.”
Pure Hydrogen and BotsGas are also pleased to confirm that they have signed a term sheet to establish the Serowe Hydrogen Hub renewable energy business, targeting 50-megawatt power generation.
Notably, this hydrogen hub is expected to be one of the largest in Africa.
On market close for the day, Pure Hydrogen was in the grey and trading at 18 cents per share.
