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Net Zero Infrastructure PLC on Thursday said it has signed a non-binding letter of intent to acquire Westura Energy NL in a reverse takeover. The special purpose acquisition company focused on renewable or clean energy technology companies said Westura is a Western Australia-based mining exploration company focused on the identification and development of mineral deposits in tier one jurisdictions. It notes that Westura’s portfolio has historically produced in excess of 44,000 ounces of gold at 28.3 grams per tonne. Net Zero Infrastructure and Westura intend to undertake a fundraise to provide working capital by allotting up to £250,000 in unsecured convertible loan notes in Westura which will convert into shares in the company on completion of the reverse takeover. Net Zero said it intends to ‘proceed as quickly as possible’ with a view to completing the acquisition by the end of October. The firm remains suspended from trading as the takeover progresses. It said it is also exploring the possibility of cancelling its listing on the Main Market and seeking admission to the AIM Market if the acquisition completes. ‘We are very pleased to have signed the LOI with Westura. Westura has a very strong management team, significant gold resources, with importantly the potential to deliver near term cashflow,’ said Net Zero Infrastructure Chair Mike Elwood. ‘Whilst we have moved from our original renewable focus due to market conditions, the NZI board believes that this opportunity is considerable and the transaction, if completed, will be in the best interest of the company’s shareholders,’ Elwood added. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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