- Global Vanadium has dropped 33.3 per cent after its African Vanadium acquisition fell through
- It will change its name to Global Oil & Gas
- The ASX National Committee has determined the company will need to stay in the oil and gas sector and not go through with the vanadium project
- Global Vanadium has also announced a capital raising of $250,000 at $0.002 per share
Global Vanadium has dropped 33.3 per cent after its African Vanadium acquisition fell through.
On the April 29 2019, the company announced on the ASX that it will focus on its Southern Georgina Oil and Gas Project, after it had to suspend its negotiations with parties on the acquisition of the African-based vanadium project.
The ASX stated the acquisition of the vanadium project would trigger full re-compliance with Chapters 1 and 2 of the ASX listing rules in their current form.
The ASX National Committee has determined the company will need to stay in the oil and gas sector and not go through pursuing vanadium projects. It’s for this reason Global Vanadium will change its name to Global Oil and Gas.
The Board has agreed to avoid risk, cost and time on the vanadium projects in Africa and focus on oil and gas projects instead.
The company is currently reviewing a number of oil and gas opportunities.
Global Vanadium is an oil and gas company that focuses on identifying, exploring and developing Energy & Resource assets within Australia and internationally.
Global Vanadium has also announced a capital raising of $250,000.
The capital raise includes the issue of 125 million shares at a price of $0.002 per share.
The funds will go towards the company to make sure they are funded and well placed with a potential near- term acquisition.
The company recently entered into a sale and purchase agreement with Westmarket Oil & Gas for the sale of its Exploration Permit 127 in the Southern Georgina Project.
Following the agreement, Global Vanadium will be entitled to a production royalty amount of 1 per cent for a period of five years.
The agreement is expected to be settled in October 2019.