MetalNRG PLC (LON:MNRG), a natural resource investing and exploration company, said it has entered into an option agreement with BritEnergy Holdings LLP to buy additional shares in BritNRG Ltd for £545,000.
Under the option agreement, MetalNRG may acquire a further 150 shares in BritNRG, a special purpose vehicle focused on the development of oil & gas and other energy sector assets.
The option rights extend to a total of 15% of the shares in BritNRG and, if exercised, would take MetalNRG's interest in BritNRG to 65%, assuming MetalNRG has also exercised all options granted to it under the shareholders agreement.
"We have now entered into an option agreement with the private investors that participated in the acquisition of the oil & gas assets to acquire an additional 150 ordinary shares in BritNRG on its market listing, which we expect will be completed within the next 18 months,” said MetalNRG chief executive Rolf Gerritsen.
“We believe there is substantial upside to BritNRG and are working towards getting the company listed while maintaining an economic interest."
BritEnergy Holdings LLP currently holds 500 shares in BritNRG Ltd.
“Simultaneously, BritNRG Holdings LLP has entered into a parallel reverse option to acquire up to 300 shares from MetalNRG for an exercise price of £4,000 for each option share for a total consideration of £1.2 million,” MetalNRG said.