The company said it firstly will issue 2.9 million shares in Mosman to acquire Trident's equity, before settling Trident's outstanding loans, directors fees and creditors payments by the issue of up to 2.5 million further shares.
Mosman said it has also agreed to provide a loan payment of up to AUD750,000 to Trident,
Trident has three exploration assets on the highly prospective Canning, Amadeus and Otway basins, with exposure to both conventional and unconventional oil and gas opportunities.
Mosman added that the takeover offer, which includes certain conditions including Mosman completing an equity capital raising of at least AUD2 million, has been unanimously recommended by Trident's board.
"The Trident acquisition complements Mosman's existing
"Exploration of the 5 permits is fully funded and we believe the enlarged portfolio will deliver operational activity and exploration milestones in the coming months and years," Barr added.
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