THE BOURSE WHISPERER: Stonehenge Metals (ASX: SHE) has executed formal transaction documents and completed an option agreement with Protean Energy Ltd.
The option agreement grants Stonehenge an exclusive 24 month global licence and an option to acquire 100 per cent of the equity of Protean Energy Australia Pty Ltd, which holds the intellectual property titles, rights and licenses to the Protean Wave Energy Converter Technology (Protean WEC).
Stonehenge described the Protean WEC system to be a point-absorber wave energy converter buoy device which floats at the water surface and extracts energy from the waves by the extension and retraction of a tether to its anchoring weight on the sea bed.
Source: Company announcement
As a result of completion of the transaction, Sean Moore (the Protean WEC inventor) and Bruce Lane have now both commenced in the respective roles with Stonehenge of chief technology officer (Wave Energy) and managing director.
Stonehenge has also agreed to provide PEL with a working capital loan of up to $30,000, secured against the assets of PEL.
“We are delighted to be able to confirm the completion of the transaction with Protean and the formal appointment of both Sean Moore and Bruce Lane,” Stonehenge Metals chairman Richard Henning said in the company’s announcement to the Australian Securities Exchange.
“The finalisation of these matters puts Stonehenge in an excellent position to deliver progress on both the Protean wave energy project and our South Korean projects.”