TAG to transfer stake in New Zealand power generator to Coronado Resources

• 11 years ago (2013-05-25)
• David Flin

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The Canadian company TAG Oil has announced that it has agreed to sell its 90 per cent stake in Opunake Hydro Limited (OHL), an electricity generator and supplier in New Zealand, to Coronado Resources, the Canadian mining company, in exchange for common shares of Coronado valued at approximately $4 million.

OHL is a power generation company based in New Zealand, and claims to be poised to rapidly expand its generation capabilities. Upon completion of this transaction, OHL will have working capital of approximately $7 million, allowing the company to acquire additional gas-fired generation equipment, while securing natural gas supply through TAG. This will enable both TAG and OHL to benefit from increased generation of electricity for sale into thriving retail, industrial and commercial markets.