Chariot completes acquisition of renewable and hybrid power developer focused on mining sector in Africa
Chariot Oil & Gas, the Africa focused transitional energy group, announced that further to the announcement on 23 March 2021 in respect of the acquisition of the business of Africa Energy Management Platform (AEMP), all conditions in the share purchase agreements and other related transactions agreements have now been satisfied and completion of the transaction is expected imminently.
Adonis Pouroulis, Acting CEO of Chariot said, "I am delighted that our acquisition of AEMP will complete imminently. The launch of Chariot Transitional Power places the Company in a unique position in the market. This acquisition will see us work with our partner, Total Eren, to provide clean, sustainable, and more competitive energy to operational mines in Africa. A market of significant scale, that is largely untapped, where Chariot's management has a deep understanding and high-level commercial networks.The focus on transitional energy can also be seen at our Anchois gas discovery, where Chariot has the potential to provide the Kingdom of Morocco with natural gas, enabling the country to achieve its target of decarbonising its economy and reducing its dependence on imported fuels. Following the completion of the fundraise, which is subject to shareholder approval at the forthcoming General Meeting, Chariot will occupy an exciting inflexion point in its history. The Board and management team continue to be fully aligned with our investors and we remain focused on delivering value for all our stakeholders. I look forward to keeping the market updated on the Company's progress throughout the rest of 2021."
The initial consideration payable on completion of the share purchase agreement is $1.16 million in Chariot Ordinary Shares based on the 30-day VWAP prior to the signing of the SPAs (representing 9,196,926 shares) and $0.09 million in cash.