JSE- and Nasdaq-listed ASP Isotopes has announced that its wholly-owned subsidiary Noble Africa, an intermediate holding company for Renergen, will merge with a subsidiary of Nasdaq-listed ENDRA Life Sciences, with Noble Africa to continue as the surviving entity.
Upon completion of the proposed merger, the combined company plans to operate under the name Noble Africa Inc and will apply to trade on the Nasdaq Stock Market under the ticker symbol ‘NOBA’.
ASP Isotopes explains that the combination, if successful, will establish Noble Africa as a Nasdaq-listed, helium platform for Renergen’s Virginia gas project, in South Africa.
In connection with the proposed transactions, Noble Africa has entered into subscription agreements with certain accredited investors, qualified institutional buyers and non US-persons securing commitments for a private placement into Noble Africa that is expected to result in total gross proceeds of about $50-million, including about $20-million from ASP Isotopes, as the lead investor, and about $30-million from other investors, including $750 000 from certain directors and management of ASP Isotopes.
The private placement financing is expected to close immediately prior to the completion of the proposed merger.
