Perth-based ZBB Energy Corporation has finalised an agreement to acquire 12 per cent of Idea One Inc, a U.S. and Israel based company engaged in the development of a magnesium cell battery, from Wharton Equity Partners, LLC and Wharton Energy Partners 1, LLC.
ZBB said it would pay for the acquisition by issuing 5.2 million shares to Wharton at an agreed price of 50 cents per share, valuing the transaction at approximately $2.6 million.
The agreed price compares to the current price of 23 cents.
ZBB also announced the appointment of Clemens van Zeyl as its new North American president and CEO conditional upon signing of a formal employment contract and ZBB raising US$1.5 million by way of the proposed North American financing. This appointment will further strengthen the company's US focus.
Robert Parry, who has previously been the CEO of ZBB, will continue as an executive director responsible for ZBB's Australian operations and for ongoing international business development.
ZBB listed on the ASX in March after raising $6 million at 50 cents per share.
In its statement, ZBB said it had also entered into a series of agreements with parties in the United States including an application to US Securities Exchange Commission for the registration of ZBB's stock in the United States.
The company said it was also seeking to issue US$1.5 million Convertible Promissory Note and the raising of between US$6 million and US$12 million by the issue of ordinary shares.
The interdependent transactions are subject to shareholder and regulatory approvals.
ZBB further intends to register its shares under the US Securities and Exchange Act of 1934 and apply for a listing on a US National Securities Exchange.