Lion Takes 19.49% Share In PPU

June 2008 | M&A News Alert

Australia's Lion International Investments (LII), wholly-owned subsidiary of Lion Energy (LIO), has acquired 20,775,000 shares in Papua Petroleum Ltd (PPU) from Gas Link Global (GLG), a subsidiary of Liquefied Natural Gas. The purchase has rewarded LII with a 19.49% stake in PPU for AUD3mn (US$2.88mn). Under the share purchase agreement, LII is also entitled to acquire a 10% or 50% interest in PPU's licences under certain circumstances involving a capital raising by PPU.

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