Hot Rock Ltd. completes sale of South American projects
Australian Hot Rock Ltd. announces the completion of the sale of the majority of its South American projects to Philippines based Energy Development Corp. (EDC).
The Board of Hot Rock Limited (Company) are pleased to advise that the Company has now completed the sale of the majority of its South American Geothermal Projects to Energy Development Corporation with all of the required approvals having been received and the remaining $US2,500,000 of the total contract price of US$3,000,000 now paid. A deposit of US$500,000 was previously paid. Of the funds received, an amount of US$230,000 is
subject to retention and held in an escrow account pending the resolution of a tax matter in Peru.
The sale proceeds will provide working capital to enable the Company to progress with its remaining geothermal assets in Australia and Chile, whilst also investigating other opportunities.
Source: Company release (pdf)