Whitebark Energy Ltd (AU:WBE) has released an update.
Whitebark Energy Ltd has entered into a Purchase and Sale Agreement with Conflux Energy Corp, selling a 90% working interest in its Wizard Lake assets, while retaining a 10% interest that will be free carried for initial capital. This deal allows Whitebark to refocus on its Australian renewable energy projects and is in line with its commitment to support Australia’s decarbonization efforts and green energy demand. The transaction includes the transfer of CAD $1.44 million in contingent liabilities to Conflux and provides options for future buyout of the remaining interest.
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