EER is acquiring Idalia from Camvill, a wholly owned subsidiary of the Noble Group, and Majicyl, a company associated with the Basso-Brusa family in consideration for the equivalent of $40 million via the issue of fully paid EER 20c shares.

The total consideration shall be adjusted based on Idalia’s cash balances, GST receivable, accounts payable and outstanding debt balance on the business day immediately preceding the close of the transaction.

Noble currently holds 50.1% of Idalia shares and Majicyl 49.9%. Following completion of the transaction, Noble and Majicyl will hold 41.18% and 45.98% of the issued shares of EER, respectively. Other shareholders will hold 12.84%.

EER will hold a general meeting of shareholders in April to consider resolutions relating to the proposed acquisition of Idalia.