- ReNu Energy (RNE) will hold a shareholder meeting on February 1 to vote on the Countrywide Renewable Hydrogen (CRH) acquisition
- In November, the company announced it was aiming to purchase CRH to advance its green hydrogen pipeline
- The ReNu Energy Board has unanimously recommended that its shareholders vote in favour of the deal
- Earlier this month, ReNu raised $2.3 million to progress its green hydrogen projects and is planning to raise a further $1.5 million through a share purchase plan
- On the market this morning, ReNu is down 9.30 per cent and trading at 7.8 cents per share
ReNu Energy (RNE) will hold a shareholder meeting in early February to vote on the Countrywide Renewable Hydrogen (CRH) acquisition.
In November, the company announced it was aiming to purchase CRH to advance its green hydrogen pipeline.
CRH is an Australian company that develops and begins green hydrogen projects.
Under the deal, ReNu agreed to buy all the shares in CRH for 6.8 cents each.
However, this deal will need shareholder approval, with shareholders expected to vote on February 1.
The ReNu Energy Board have unanimously recommended that its shareholders vote in favour of the deal.
Earlier this month, ReNu raised $2.3 million to progress its green hydrogen projects.
Additionally, the company will also raise a further $1.5 million through a share purchase plan (SPP).
Under the SPP, eligible shareholders will be able to purchase up to $30,000 worth of new shares.
ReNu is also offering options, which is subject to shareholder approval. The deal includes one new option for every four new shares issued.
On the market this morning, ReNu was down 9.30 per cent and is trading at 7.8 cents per share at 10:31 am AEDT.