07:00 Wed 29 Jul 2020
Oracle Power PLC - Non- Binding MoU signed with HH Private Office
("Oracle", the "Company" or the "Group")
Non- Binding MoU signed with HH Private Office
HH Private Office currently develops and owns various projects across the natural resources sector in
In due course and subject to agreement, it is envisaged that the Parties will collaborate on additional opportunities as they arise. It is expected that HH Private Office will identify available projects and potential financiers through its network. Oracle would expect the opportunity to earn an interest in these projects as they are advanced.
HH Private Office is the largest shareholder in Oracle with 15.1% and is highly supportive of its efforts in progressing
"Our priority remains the
"
His Highness Sheikh Ahmed Dalmook Al Maktoum, commented: "As an existing shareholder in Oracle, we are pleased with the progress being made in
"We see many opportunities to develop power and natural resources projects around the world and we are firm believers that mining development is important for many African nations.
"We look forward to partnering and collaborating further with the board and management of Oracle under this MoU."
Objectives under the MoU include:
· Establishing a cooperation relationship where Oracle may partner and collaborate with HH Private Office to explore potential mining opportunities in
· The Parties shall cooperate and coordinate in project development activities, including research and information sharing, carrying out necessary studies and undertaking site visits for the development and implementation of Potential Projects, and in particular the
· The Parties shall:
o assist each other by providing support and assistance to assess the necessary information to enable each of HH Private Office and Oracle to decide whether to make investments for the implementation of the Potential Projects;
o make available such resources and personnel as it reasonably has at its disposal for the evaluation, structuring, documentation, execution, development and implementation of the Potential Projects;
o keep each other informed of all activities pertaining to the
o pursue any other initiative considered of mutual importance.
· The Parties will cooperate and jointly work together to evaluate the information about the Potential Projects and in particular carry out technical due diligence on the
o The MoU does not commit Oracle to any capital commitments
· After the completion of the necessary studies and due diligence, the Parties will in good faith also discuss their investment plan for the Potential Projects, including the
Certain other key terms of the MoU are set out below:
· The MoU will terminate upon the occurrence of the following;
o the date on which the Parties sign another agreement that contains provisions replacing the MoU and covers obligations related to a
o after one (1) year if there is lack of sufficient progress the date of signature of the MoU; or
o in the event that the Parties fail to reach a reasonable conclusion on further negotiations on the project structure and commercial terms in respect of any of the Potential Projects or the
· The MoU is non binding and is intended to set out a mutual understanding of the Parties proposed collaboration framework
*ENDS*
For further information:
|
+44 (0) 203 580 4314 |
Strand |
+44 (0) 20 7409 3494 |
|
+44 (0) 203 463 5000 |
Susie Geliher |
+44 (0) 20 7186 9952
+44 (0) 20 7236 1177 |
About HH Private Office
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