Lion Energy to acquire remaining shares in KRX
Tuesday, January 22 2013 - 06:28 AM WIB
ASX-listed Lion Energy Limited announced that it has entered into a terms sheet to acquire all of the remaining issued share capital of KRX Energy Pte Ltd (KRX) from each of the other shareholders of KRX, all of whom are also current shareholders of Lion.
The remaining KRX shareholders currently hold a 20.13 percent interest (on an undiluted basis), Lion said in a filing.
Lion is currently a 30.77 percent shareholder of KRX as a result of its US$1 million funding commitment in KRX by way of subscriptions for KRX shares.
According to information from its website, KRX in June 2012 signed a farm-in agreement for 35 percent equity in South Block A PSC. In April 2012, it also entered into an agreement with two well established and respected Indonesian based companies to lead the technical evaluation on the unconventional opportunities in Indonesia.
Editing by Dadan Wijaksana