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In an agreement entered into with Kondor Holdings shareholders, Bowen Energy will purchase all issued shares in the company in three payment instalments over an eight-month period.
The $1 million purchase price includes convertible notes for $1,769,300 into 8,846,500 Bowen Energy shares at the company's discretion.
Bowen Energy will take ownership of the shares effective immediately.
Securing Kondor Holdings' EPC 1045 tenement - the Shotover Project - expands Bowen Energy's portfolio in the region and could prove lucrative as the area has a potential coking coal deposit indicated by nearby mining and exploration results.
Bowen Energy intends to launch a detailed exploration project for mineable coal seams at the tenement that has previously indicated potential for coal bed methane harvesting.
