Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has confirmed that Alligator Energy has now completed its initial investment in EnviroCopper Ltd (ECL).
Alligator Energy has acquired a 7.8% interest in ECL for an investment of around $0.9 million, as announced in December.
A shareholders' agreement has been established, governing Alligator's future investment options in ECL, Thor noted.
“The completion of the initial investment by Alligator Energy in ECL reconfirms the strategic decision Thor made in its investment in ECL,” Thor chief executive Nicole Galloway Warland said in a statement.
"When extracting metals that are crucial in the shift to a 'green' energy economy, it is important to ensure that this is done in the most sustainable way possible.
“Alligator's strategic investment will further support ECL's mission to develop smarter, lower-cost, and more environmentally friendly copper projects, and this will benefit the development of Thor Energy's copper ISR projects in South Australia.”
Greg Hall, Alligator chief executive, added: “This represents a unique opportunity for Alligator to participate in copper ISR technology, research, and trials with an experienced team, plus assist as the projects potentially head towards commercial production.
"Alligator recently undertook a site visit to the Kapunda Copper ISR project to inspect the successfully completed push-pull copper ISR testwork, the results of which are being evaluated and finalised.”
Thor retains a 26.4% interest in ECL following the transaction.