Morella, which is listed on the Australian Securities Exchange, focuses on exploration and mineral resource development.
The group’s subscription, which represents approximately 8% of the enlarged issued share capital of Morella, was issued at a price of 3.6 Australian cents per share.
According to the group, Interra Resources is set to hold the new shares and options in Morella on behalf of its wholly-owned subsidiary, Goldwater Company.
The group adds that the share subscription is expected to enable the group to “hold a long-term strategic investment in a reputable company” comprising renewable energy project opportunities in Australia and the US.
See also: Surbana Jurong Group appoints Lim Cheng Cheng formerly of Singtel as group CFO
The share subscription is not expected to have any material impact on the net tangible assets per share and earnings per share of the group for the financial year ending Dec 31.
Shares in Interra Resources closed 0.1 cents lower, or down 2.38%, at 4.1 cents on Oct 17.
