Earl Resources Limited: Acquisition of Energy Storage Property, Reactivation and Concurrent Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / March 17, 2021 / Earl Resources Limited (the "
Company") (TSXV:ERL.H) is pleased to announce that it has entered into an agreement with Kepis & Pobe Financial Group Inc. ("K & P"), a boutique private equity energy firm, to acquire an assignment and novation of earn-in rights to targeted properties in the USA. The parties to the assignment are at arm's length. The agreement will allow the Company to acquire for consideration to be negotiated with the property vendors, a property or properties in Northwest Arizona for the purposes of developing bedded and domal salt cavern energy storage, to store compressed air/hydrogen for Long Term Energy Storage purposes (the "Acquisition"). The purchase price for the Acquisition will consist of an assignment of 10% of the earn in rights to K & P or it's assigns, and the Company funding the developmental costs associated with the properties and other terms which will be more clearly defined by a comprehensive definitive agreement.