September 13 (SeeNews) - UK-based renewable energy company Cindrigo said it has met all conditions for the acquisition of 90% of Croatian company EES Dravacel Energetika, which holds a geothermal exploration licence in Slatina, north Croatia.
“All conditions under the Share Purchase Agreement have now been satisfied and registered by the Commercial Court in Zagreb,” Cindrigo said in a filing to the London Stock Exchange on Monday.
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On June 13, Cindrigo's wholly-owned UK subsidiary, Cindrigo Geothermal Limited ("CGEO"), entered into an agreement to acquire 90% of the issued share capital of Dravacel with a view of developing a 20 MW geothermal power plant.
On Monday, Cindrigo also announced that Dravacel has received a location permit for the project from the Croatian ministry of spatial planning and other relevant authorities. The location permit allows the project's research drilling rig for geothermal water exploration well Slatina GT-1 with borehole working area in geothermal water within Slatina-3 research area.
Cindrigo said in June that the seller is individual Marijan Mikulic. It also said back then that the buyer is acquiring the majority stake for a consideration of $500,000 (475,200 euro) working capital to Dravacel and is also responsible for the delivery of the development capital required to construct the planned geothermal power plant. Dravacel retains the remaining 10% interest.
($ = 0.984 euro)