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Persian Gold to acquire Hydrocarbon Exploration

Irish firm will buy all outstanding shares of rival gold explorer

22 June 2010

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 Resources.

"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.

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