- Greenvale Mining (GRV) will not proceed with its acquisition of Within Energy
- Both parties agreed to back out of the previously agreed June deal, after determining that “the proposed transaction will not deliver the benefits originally envisaged”
- Greenvale says it plans to pursue its carbon credit and renewable power strategy through geothermal interests in Queensland
- It believes this will provide a new business opportunity while also generating carbon offsets to support the permitting of its Alpha torbanite project in central Queensland
- Shares in the company last traded at 12.5 cents on August 8.
Greenvale Mining (GRV) will not proceed with its acquisition of Within Energy.
The companies previously struck a deal in June, which would see GRV acquire an initial 51 per cent interest before moving to acquire the remaining interest upon the grant of three project areas.
However, both parties mutually agreed to back out after determining that “the proposed transaction will not deliver the benefits originally envisaged”.
Greenvale said it has planned to pursue its carbon credit and renewable power strategy through geothermal interests in Queensland.
It believes this will provide a new business opportunity while also generating carbon offsets to support the permitting of its Alpha torbanite project in central Queensland.
Managing Director Neil Biddle said green energy is an “enormous” opportunity for the business.
“The geothermal assets we have secured in the Millungera Basin in NW Queensland and Central Queensland provide a solid foundation for what we see as a significant business opportunity for Greenvale,” he said.
“From hereon we will focus our resources and efforts on progressing these assets, while also generating the carbon credits required to support the permitting of the Alpha project.”
Shares in the company were in the grey and last traded at 12.5 cents per share