Bluejay Mining plc announced that White Flame Energy Limited (WFE) accepted its conditional offer to acquire up to 51% of WFE's issued share capital for £1.4mm, payable in Bluejay shares. WFE owns prospective helium and natural hydrogen acreage in Eastern Greenland. This acquisition, initially proposed on 20 June 2024 and approved by Bluejay shareholders on 10 July 2024, has been accepted by ~95% of WFE shareholders. The agreement includes a three-year option for Bluejay to purchase the remaining 49% of WFE on the same terms. The transfer of shares and further details will be provided in the upcoming weeks.
Press Release:
Bluejay Mining plc, the AIM, FSE listed and Pink-Market traded exploration and development company with projects in Greenland and Finland, is pleased to provide an update on the acquisition of White Flame Energy Limited ("WFE"). WFE is the 100% owner of three potentially large scale industrial gas, natural gas and liquid hydrocarbon rich exploration and exploitation licences, onshore, East Greenland.
The Company's conditional offer, announced 20 June 2024 and approved by Bluejay shareholders at the General Meeting held on 10 July 2024, to acquire up to an initial 51% of the issued share capital of White Flame for £1,402,500, payable in Bluejay shares has been accepted by approximately 95% of WFE shareholders. Bluejay has also been granted a 3 year option to acquire the remaining 49% on the same terms.
The process of transferring the WFE shares will take place over the coming weeks and further details on the issue of the consideration shares to the WFE vendors and the Company's change of name will be announced at the appropriate time.
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