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Energio completes shift to Nigerian iron ore focus, finalising Agbaja acquisition

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Energio (ASX: EIO) has completed the acquisition of KCM Nigeria, giving the company ownership of the Agbaja Iron Ore Project as part of a wider package of iron ore licences in Nigeria.

The company has also closed its recent prospectus which was oversubscribed, raising $2.9 million.

Energio has returned a number of high grade assays from exploration at Agbaja and earlier this month released the fourth batch of results from a 20,000 metre drilling program, with a peak result of almost 54% iron.

Shares in Energio have been in halt as the company shifts its activities into Nigerian iron ore.

In 2011, the former toy and gaming business exercised a call option with TGP Australia to acquire 100% of KCMH Australia, the holding company for KCM Nigeria.

Energio also acquired the remaining 25% of shares in KCM Nigeria from Bedford CP Nominees.

Consideration for the acquisitions comprised 85.7 million Energio shares issued to TGP, and 15.6 million shares issued to Bedford.

Meanwhile, Energio’s prospectus has closed with subscriptions received for more than the 11.25 million shares on offer.

An additional 3.25 million shares were issued in oversubscriptions, bringing the total amount raised to $2.9 million, above the expected $2.25 million.

Energio has met all of the requirements necessary to re-list on the ASX, and will now move to finalise its re-compliance with Chapters 1 and 2 of the ASX Listing Rules.

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