Manhattan Resources Limited (SGX:L02) entered into a sale and purchase agreement to acquire Athena Energy Holdings Pte. Ltd. from Yau Wai Hoo, Gao Daiying and others for SGD 4.96 million on October 20, 2021. Under the terms, Manhattan Resources will pay SGD 4.3 million in cash on completion and SGD 0.6 million will be satisfied by the issuance of 14,197,450 new ordinary shares in the capital of Manhattan Resources, of which 7,098,725 shares will be issued to Yau Wai Hoo and 7,098,725 shares will be issued to Gao Daiying, no later than 45 business days after Completion. Manhattan Resources intend to fund the cash consideration wholly by a loan to be extended by a controlling shareholder. Completion shall take place on the 6th business day after the date of the agreement. On Completion, the Company shall enter into employment agreements with the key management executives of Athena Energy, Yau Wai Hoo, Chief Executive Officer, Sivaramakrishnan Sreedharan, Chief Investment Officer and Gao Daiying Chief Technical Officer. Approval of shareholders of the Manhattan Resources is not required for the transaction. Manhattan Resources Limited (SGX:L02) completed the acquisition of Athena Energy Holdings Pte. Ltd. from Yau Wai Hoo, Gao Daiying and others on October 28, 2021. Athena Energy Holdings will now operate as a wholly owned subsidiary of Manhattan Resources. As of December 6, 2021, Manhattan Resources received approval in-principle from the Singapore Exchange Regulation Pte. Ltd. for the listing and quotation of the Consideration Shares on the Official List of the Singapore Exchange Securities Trading Limited, subject to compliance with the SGX-ST’s listing requirements.