Plans by private company Bombora Natural Energy to join the ASX through the acquisition by Magnum Gas & Power have fallen through after the deal was terminated by mutual agreement.
Magnum said in a statement today that the proposed acquisition, for 2.4 billion shares at a price of 0.1 cent each, had been terminated and would no longer occur.
The deal was originally announced in February.
“It has been mutually agreed between the company and Bombora that certain conditions precedent provided for in the share sale and purchase agreement cannot be satisfied,” Magnum said.
“Neither the company nor Bombora are willing to waive or otherwise modify their respective rights under the SPA in regard to the satisfaction of those conditions precedent.
“The company has terminated the SPA, and Bombora has not objected to that termination.”
Bombora, which was formed by local petroleum executive John Begg last year, holds interests in gas projects including through a farm-in agreement with Sacgasco, and another with UIL Energy.
Bombora announced plans to list on the ASX, around the same time the agreement with UIL was struck, although it appears there has been no progress on an IPO.
