Superior Lake Resources will undergo a name change amid plans to develop a large-scale solar energy project in Western Australia’s South West.
The company lodged a prospectus with the Australian Securities and Investments Commission earlier this week, formally outlining a proposed name change to Frontier Energy as well as plans to raise $8 million dollars via a 13 cents per share capital raising.
Up to 61.5 milion shares were on offer under the raising.
It comes about four months after Superior entered a binding agreement to acquire 100 per cent of issued capital in Bristol Springs Solar from Sector One and Alicia Jane Goyder, owners of a namesake solar project near Collie.
The deal signals a step-change from the company’s zinc-focused exploration activities in Canada, which it divested to TSX Venture Exchange listed company Metallum Resources.
Superior owns a 66 per cent equity interest in Metallum through a subsidiary.
It will be Superior’s first project as a renewable energy company as it seeks to transition away from a mining exploration play.
According to Superior, Bristol Springs has been granted development approval by the WA regional development assessment panel, and an electricity connection application is in progress with Western Power.
The change in the nature and scale of the company’s activities means it has to seek shareholder approval under Chapter 11 of the listing rules.
Chair Grant Davey said signifiant growth opportunities in the renewable energy industry had prompted the change.
“The company’s first renewable energy project will be the development of the Bristol Springs Solar Project – a large-scale solar energy project located in the southwest of Western Australia,” Mr Davey said in a statement.
“The BSS Project is close to the Port of Bunbury and the Town of Collie and so is well located close to excellent supporting infrastructure, including, roads, water, airports, multiple ports, and a highly skilled local workforce.”
Superior shares have been suspended from trading since August 16 2021.
The company is led by resources executive Mike Young, who was formerly managing director of WA uranium aspirant Vimy Resources.
BW Equities is lead manager to the raise.
Thomson Geer is legal adviser.
