Synthesis Energy Systems to acquire Australian Future Energy for $36m.

Synthesis Energy Systems agreed to acquire Australian Future Energy, a private energy company incorporated in Brisbane, Australia, for $36m. In connection with merger agreement, SES has offered to acquire 100% of the issued capital of Batchfire Resources, owner of the Callide Thermal Coal Mine in Queensland, via the issuance and exchange of one share of SES common stock for each ten ordinary shares of Batchfire. “We are delighted to be entering into this merger and believe it provides strong value for the shareholders of AFE, SES, and Batchfire. From the outset, our strategy at AFE has been to create a vertically integrated energy development and production company that combines quality, operating cash flow assets with a set of well advanced and well planned growth assets. We have accomplished this with our position in, and the contribution of AFE’s founding shareholders towards the successful turnaround of Batchfire’s Callide Mine, along with a project pipeline that includes substantial work completed on our advanced Gladstone Energy and Ammonia Project, the acquisition of the Pentland Coal Mine Project (270 million metric tonnes resource), and the work we have completed for later-stage gasification projects in Townsville,” Kerry Parker, Australian Future Energy CEO.