White Energy Company Limited has entered into binding sale and purchase agreements to acquire 100% of Essential Global Resources, LLC and 100% of Oceltip Coal 2 Pty Ltd, alongside a proposed capital raising of up to $15 million.

The transactions will bring the Lolley No. 1 underground metallurgical coal project in Alabama, United States, and the Tin Hut Creek project in Queensland's Surat Basin into the White Energy portfolio.

Under the terms of the Essential Global Resources agreement, White Energy will issue 83,333,333 fully paid ordinary shares at a deemed price of $0.06 per share to acquire the company, implying a transaction value of approximately $5 million. The acquired US project includes an on-site coal handling and preparation plant and existing rail and barge access infrastructure. The project currently sits on care and maintenance, with in-seam slope development well advanced. Staged recommissioning remains subject to financing, required approvals, and restart planning.

The acquisition of Oceltip Coal 2 carries an aggregate purchase price of $4.5 million, subject to adjustments for debts and other liabilities. Oceltip Coal 2 is acquiring the Tin Hut Creek project, which spans approximately 4,000 square kilometres across the Surat Basin and includes EPCs 796, 813, 1041, 1134, 1278, 1593 and MDL 430 within historically identified coal-bearing sequences of the Walloon Subgroup.

Both acquisitions are interdependent and completion must occur simultaneously. Finalisation depends on receiving settlement funds from the capital raising, the completion or unconditionality of the Tin Hut Creek acquisition agreement, and the mutual satisfaction or waiver of conditions precedent across both share purchase agreements.

To fund the transactions and associated activities, White Energy is conducting a placement of up to 250,000,000 fully paid ordinary shares at $0.06 per share to raise up to approximately $15 million before costs. Shareholder approval for the capital raising was obtained at an extraordinary general meeting held earlier, and Aitken Mount Capital Partners is managing the issue alongside up to 50,000,000 unlisted broker options.

Completion of both acquisitions is expected to take place during September 2026.

Upon completion and receipt of required approvals, Nathan Tinkler is proposed to be appointed as Executive Chairman and Managing Director, with Mr Tinkler also able to subscribe for up to 100,000,000 shares under a loan funded share plan approved at the extraordinary general meeting. The reconstituted board is expected to include Mr Tinkler alongside non-executive directors Brian Flannery, Mike Chapman, and Keith Whitehouse.

Read the full announcement: Sale & Purchase Agreements Executed for Acq & Cap Raising