Newy 87.8 FM – White Energy Company shareholders have approved a deal package under which Nathan Tinkler is to become executive chairman and managing director, at a virtual general meeting held at 11:00am on Friday 28 August 2026.
Shareholders approved the capital raising, vendor consideration shares, broker options and a loan-funded share plan. The raising involves up to 250,000,000 shares at $0.06 to raise about $15 million before costs, managed by Aitken Mount Capital Partners Pty Ltd.
The ASX-listed company has signed two binding acquisitions. It is buying Essential Global Resources, LLC — whose members include Mr Tinkler and whose main asset is the Lolley No. 1 underground metallurgical coal project in Alabama — for 83,333,333 shares at a deemed $0.06, an implied value of about $5 million.
It is also acquiring Oceltip Coal 2 Pty Ltd for $4.5 million subject to adjustments, plus a $1 million contingent payment if a mining lease is granted. Oceltip Coal 2 is acquiring the Tin Hut Creek project in Queensland's Surat Basin.
On completion, the board is expected to include Mr Tinkler as executive chairman and managing director, with non-executive directors Brian Flannery, Mike Chapman and Keith Whitehouse. John Canavan will no longer serve as a non-executive director.
White Energy's only Hunter footprint is its demonstration and pilot plant at Cessnock, a testing and training facility for its Binderless Coal Briquetting technology that has processed coal samples from Australia, South Africa, North America, India and China.
A substantial-holder notice lodged on 4 September 2026 records a share allotment on 2 September 2026, lifting issued capital to 687,294,088 shares.
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