Longhorn Exploration Acquires PureWave Hydrogen Corp for Natural Hydrogen Expansion
Key Ideas
  • Longhorn Exploration Corp. has entered into an agreement to acquire PureWave Hydrogen Corp., a Colorado-based company with natural hydrogen lease agreements in Kansas, USA.
  • The acquisition will provide Longhorn with increased acreage, a technical team, and potential transactions, aiming to focus on developing natural hydrogen assets.
  • PureWave Hydrogen's vision is to explore for natural hydrogen deposits in the US and Canada, aiming to offer a sustainable alternative to traditional fossil fuels.
  • The Agreement is subject to TSX Venture Exchange approval and will involve the issuance of common shares to the vendors, with PureWave Hydrogen becoming a wholly-owned subsidiary of Longhorn Exploration.
Longhorn Exploration Corp. has announced its agreement to acquire PureWave Hydrogen Corp., a Colorado-based company focused on pioneering the discovery and development of natural hydrogen resources. PureWave Hydrogen holds five natural hydrogen lease agreements in Kansas, USA, covering approximately 892.20 acres. The acquisition is part of Longhorn Exploration's strategy to focus on acquiring and developing natural hydrogen assets, offering a sustainable alternative to traditional fossil fuels. The Natural Hydrogen Lease Agreements with private landowners in Kansas allow for prospecting, exploring, and production of hydrogen gas from the properties. The acquisition includes the issuance of common shares to the vendors, making PureWave Hydrogen a wholly-owned subsidiary of Longhorn Exploration. PureWave Hydrogen's vision is to transform the energy landscape by exploring for natural hydrogen deposits in strategic regions of North America, including the midcontinent rift system. Leveraging geospatial data and analytical tools, PureWave Hydrogen aims to identify high-potential locations for natural hydrogen extraction. The Company's CEO, Anthony Zelen, expressed enthusiasm for the acquisition, highlighting the potential for growth and development in the natural hydrogen sector. The proposed acquisition is subject to TSX Venture Exchange approval and will involve a share exchange agreement with the vendors of PureWave Hydrogen. The Company aims to assume the rights and obligations of PureWave Hydrogen under the Natural Hydrogen Lease Agreements. Additionally, the acquisition is considered a related party transaction, involving common directors between Longhorn Exploration and PureWave Hydrogen. The Company plans to seek disinterested shareholder approval for the acquisition. The completion of the acquisition will also require the filing of relevant financial statements and reports as per Exchange regulations.
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