Persian Gold to acquire Hydrocarbon Exploration
Irish firm will buy all outstanding shares of rival gold explorer
Irish firm Persian Gold has agreed to buy Hydrocarbon
Exploration (HyEx) in a reverse takeover which values HyEx at
around £4.3 million.
The gold and precious metal explorer said it would offer 2,500
shares for every one HyEx share, meaning HyEx shareholders would
own 45.8 per cent of Persian Gold.
The newly formed company will be known as Clontarf Energy Plc
once the deal is completed by the end of October.
HyEx is a private exploration company with interests in Bolivia
and Ghana and it currently owns the assets of Pan Andean
"HyEx gets a stock exchange listing, which gives liquidity to
its shareholders and Persian Gold expands its oil and gas
portfolio. The increased scale will make the combined venture more
acceptable to investors," Persian Gold chairman John Teeling said
in a statement.
Persian Gold plans to raise capital for the new group through a
new share placing intitiative.