Neutralysis Industries Pty Ltd entered into a binding terms sheet to acquire Triple Energy Limited (ASX:TNP) from the shareholders for AUD 48.3 million in a reverse merger transaction on April 8, 2022. Under the term, 183 million ordinary fully paid shares and 183 million Options in the capital of Triple Energy will be issued on a post-Consolidation basis. In addition, an aggregate of 28.5 million Class A ZEPOS (on a post-Consolidation basis) that will vest, subject to the satisfaction of milestones, and become exercisable into Shares at the election of the holder on a 1:1 basis, an aggregate of 19,000,000 Class B ZEPOs (on a post-Consolidation basis) that will vest and become exercisable into Shares at the election of the holder on a 1:1 basis upon Triple Energy's Share price equaling or is greater than a 30 day Volume Weighted Average Price of AUD 0.05 per Share at any time subsequent to the date of grant, will be issued to current and proposed directors Triple Energy. Triple Energy proposes to complete a capital raising to raise a minimum of AUD 5 million (Minimum Subscription) and a maximum of AUD 7 million (Maximum Subscription), that will assist Triple Energy with funding the Acquisition and re-complying with Chapters 1 and 2 of the Listing Rules together with existing cash reserves. Following completion of the Acquisition, Triple Energy will change its name to ôHyTerra Limitedö with the ASX code to also change to ôHYTö. Avon McIntyre has been appointed to the Board as Chief Technical Officer and Executive Director and Murray D'Almeida will resign from the board of of Triple Energy on or before the completion of the Acquisition. Josh Hunt and Russell Brimage will be appointed as Non-Executive Chairman and Non-Executive Director respectively. The proposed transaction is conditional on Triple Energy obtaining all necessary regulatory, shareholder approvals and satisfying all other requirements of ASX for the reinstatement to official quotation of the Triple Energy's shares on the ASX (among other things). The Acquisition is targeted for completion in the second quarter of 2022.
Stantons Corporate Finance Pty Ltd acted fairness opinion provider to Triple Energy and RISC Advisory Pty Ltd provide an Independent Technical Specialist Report to Stantons Corporate Finance.
Neutralysis Industries Pty Ltd completed the acquisition of HyTerra Ltd (ASX:HYT) in a reverse merger transaction on November 21, 2022.