IN BRIEF: Pennpetro Energy signs heads of agreement with Icenergy

Pennpetro Energy PLC - London-based energy project developer with interests in Ukraine, the US and Canada - Signs heads of agreement to buy Indigenous Canadian Energy Holdings Inc. The announcement follows Pennpetro's confirmation in September that Icenergy is its reverse takeover target. Pennpetro is to raise £20 million before expenses through a placing of new ordinary shares, with the proceeds expected to fund Icenergy's retail business, including construction of a wholly owned production plant. No placing commitments have been obtained.

Icenergy is a British Columbia-based transition energy business focused on the steam-enhanced treatment of lignocellulosic fibre. Its plans include converting low-quality waste wood fibre into pelletised biofuel to replace coal in residential and industrial heat and power generation markets, with initial deliveries in Poland scheduled for December.

Pennpetro Executive Co-Chair Richard Spinks says: "Signing these heads of agreement marks an important step towards the proposed acquisition of Icenenergy and the transformation of Pennpetro into an international transition energy business with operations across Canada, the United States and Europe."

Pennpetro shares have been suspended from trading in London since August 2024.

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