20th Sep 2024 11:29
(Alliance News) - Oscillate PLC on Friday said it signed a conditional agreement to fully buy Quantum Hydrogen Inc.
The investor in companies in medical psychedelics industry said Quantum Hydrogen has exploration rights over 60,000 acres in Minnesota. "The area includes overlying extensive banded iron formations which the Directors believe have the potential to generate hydrogen gases," Oscillate said.
Quantum Hydrogen is based in Houston, Texas and was founded in 2023. It focuses on the exploration of natural or white hydrogen.
Oscillate announced it plans to raise about GBP500,000 via placing 50 million new shares.
The company will hold an extraordinary general meeting on October 14 to seek shareholder approval for the acquisition and a waiver for rule 9 of the takeover code, both of which have already received approval from the takeover panel.
Under the rule, anyone who buys an interest that brings their own stake in a company to 30% of voting rights, is required to make a takeover offer for the company.
Oscillate shares were 8.0% lower at 1.24 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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