Hazer Group (ASX:HZR) has received a notice of initial substantial holder from Minerals Resources (ASX:MIN), who now holds circa 10.3 million shares, or a 14.167% stake in the company.
Hazer recently issued 8.33 million shares priced at $0.60 raising $5 million to Minerals Resources.
The shares also came with a 1:2 unlisted option exercisable at $0.70 expiring 31 December, 2019.
Mineral Resources is a leading and innovative full-service provider of mining infrastructure services in Australia.
Hazer is a technology development company undertaking the commercialisation of the Hazer process, a low-emission hydrogen and graphite production process.
This enables the effective conversion of natural gas and similar feedstocks, into hydrogen and high quality graphite, using iron ore as a process catalyst.