- Greenvale Mining (GRV) is set to acquire an initial 51 per cent stake in privately held geothermal energy company Within Energy
- To acquire the initial interest, Greenvale will issue three million shares with the remaining 49 per cent to be acquired upon the grant of three project areas
- To reflect its entry into the renewable energy market, Greenvale Mining has proposed to change its name to Greenvale Energy
- Following this, the company will offer international exploration company Astro Resources (ARO) an 80 per cent stake in the Georgina Basin project for 1.15 billion shares
- Shares in Greenvale are up 20 per cent on the market and are trading at 21 cents at 12:03 pm AEST
Greenvale Mining (GRV) is set to acquire an initial 51 per cent stake in privately held geothermal energy company Within Energy.
Subject to shareholder approval, Greenvale will issue three million fully-paid ordinary shares for the initial 51 per cent.
The remaining 49 per cent will be acquired in three phases upon the grant of the Lockyer, Gladstone and Biggenden project areas.
Both companies have agreed that if any or all grants are not satisfied within 18 months of the initial 51 per cent acquisition, the remaining Within Energy shares will be transferred to Greenvale which will issue 100,000 shares in consideration for the transfer.
The acquisition will provide Greenvale with a pathway to fast-track the permitting and development of the Alpha project in Queensland.
Further, it will launch Greenvale to the forefront of the green energy movement.
Established in 2021, Within Energy is an emerging participant in the Australian green energy market with a focus on establishing geothermal energy production in Queensland and across Australia.
“Within Energy has an attractive business model based on the exploitation of shallow
geothermal reservoirs that lie close to major population centres in south-east Queensland — an area that is emerging as a future ‘green’ industrial hub,” Managing Director Neil Biddle said.
“In addition to powering the Alpha project, we see outstanding potential for these geothermal assets to attract new carbon-neutral businesses to the region.”
Following completion of the acquisition, Within Energy CEO Adam Stepanoff will be appointed Chief Operating Officer of Renewables at Greenvale where he will be responsible for developing the company’s geothermal assets.
Further, Greenvale Mining proposes to change its name to Greenvale Energy, but this remains subject to shareholder approval.
Greenvale directors believe the name change more accurately reflects its strategic direction and as such agreed to offer international exploration company Astro Resources (ARO) an 80 per cent stake in the Georgina Basin project.
For the sale, Greenvale will receive 1.15 billion fully-paid ordinary Astro shares with 80 per cent subject to escrow restrictions.
Greenvale will be able to grant the remaining 20 per cent to Astro for up to two years following the initial acquisition.
As part of the consideration, Greenvale Director Neil Biddle and Tony Leibowitz will join the board and Greenvale CEO Matthew Healy will join as Astro’s CEO.
Shares in Greenvale were up 20 per cent on the market and were trading at 21 cents at 12:03 pm AEST.