Australian mining company Southern Gold has completed its acquisition of 100 per cent of the issued capital of battery technology company Iondrive Technologies (IDT) and a concurrent $2.5 million placement, with a view to expanding into the energy storage market.
Southern Gold completed the acquisition of IDT for consideration of $1.2 million paid through the issue of Southern Gold fully paid ordinary shares. IDT held the first right to acquire or enter the three exclusive world-wide licences across patent protected battery technologies developed by the University of Adelaide. Subsequent to the announcement of the proposed acquisition, IDT progressed to formally exercise its right to exclusively license the three battery related technologies.
The concurrent placement raised gross proceeds of approximately $2.5 million through the issue of 126 million fully paid ordinary shares at a price of $0.02 cents per share, together with one unlisted option for every 2 shares subscribed. The options have an exercise price of $0.027 and an expiry date of 30 December 2024.
The placement was managed by Prenzler Group, with participation by Southern Goldâ€™s two largest shareholders: Strata investment Holdings Plc (previously Metal Tiger Plc) and Ilwella Pty.