Igas Energy Plc enters a SPA with GT Energy UK Limited

Igas Energy Plc (LON: IGAS) has entered into a SPA (share purchase agreement) to acquire a developer of deep geothermal heat projects onshore in the UK, GT Energy UK Limited.

  • As per the SPA entered by the two companies, Igas will make an initial payment of £500,000 to GT Energy UK Limited to be satisfied in 2,222,223 IGas ordinary shares on completion by the transfer of 1,844,637 shares held by the company.
  • GT Energy's main project is a 14MW deep geothermal project in the Etruria Valley, which had received pre-accreditation from the Department of Business, Enterprise and Industrial Strategy.
  • On 16 September 2020, at the time of writing, GMT 14:36 PM, IGAS shares were trading at GBX 12.80, up by 0.65 points or 5.35% against the previous day closing price.