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METGASCO LTD — M&A Activity 2022
Nov 9, 2022
65313_rns_2022-11-09_09b12089-b84f-4f86-8899-683deea8ebd4.pdf
M&A Activity
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ASX / MEDIA RELEASE
ASX Code: MEL
10 November 2022
Termination of Agreement
Metgasco Limited (“MEL” or “the Company”) (ASX: MEL) advises that MEL has terminated the agreement for the staged acquisition of Patriot Hydrogen (“Patriot”), announced on 16 August 2022.
Metgasco’s decision to terminate the agreement was, amongst other factors, due to a number of the transaction conditions precedent not being met.
Metgasco provided a modest secured working capital facility to Patriot, for plant shipment and delivery, neither of which steps have been undertaken, and have commenced the process for recovery of loaned funds.
Metgasco continues to evaluate potential new business initiatives, including within the renewables sector.
This ASX announcement was approved and authorised for release by the Board. For further information contact:
Philip Amery Chair + 61 402 091 180 [email protected]
Metgasco Ltd ACN 088 196 383 Level 2, 30 Richardson Street, West Perth, WA 6005 +61 8 6245 0060 [email protected] www.metgasco.com.au
Ken Aitken Managing Director +61 8 6245 0062 [email protected]