BPH Energy Limited's Strategic Investment and Debt Forgiveness in Clean Hydrogen Technologies Corporation
Key Ideas
  • BPH Energy Limited and Advent Energy Ltd have acquired a 10% interest in Clean Hydrogen Technologies Corporation for US$1,000,000, with potential for further investment.
  • ASX has exercised discretion under Listing Rule 10.1 for the debt forgiveness between BPH and Advent, leading to the need for shareholder approval.
  • Clean Hydrogen Technologies Corporation will utilize the investment to develop a reactor for hydrogen production and submit new patents.
  • BPH Energy Limited also raised $1 million through a Placement for oil and gas investments and working capital, showing diversified investment strategies.
BPH Energy Limited (ASX:BPH) has acquired a 10% interest in Clean Hydrogen Technologies Corporation (Clean Hydrogen) for US$1,000,000, with a further right of refusal for additional investment. This strategic move was approved by shareholders and involves a Loan Conversion Agreement to increase the Purchasers' interest to 15.6% and 3.9% for BPH and Advent Energy Ltd, respectively. ASX exercised discretion under Listing Rule 10.1 for the debt forgiveness between BPH and Advent, necessitating shareholder approval. Additionally, Clean Hydrogen issued share options to BPH and Advent, intending to design a hydrogen production reactor and file new patents. BPH raised $1 million through a Placement for oil and gas investments and working capital, showcasing diversified investment strategies. The company anticipates a shareholder meeting in August 2024 to approve the Loan Conversion Agreement, ensuring transparency and compliance in its business operations.
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