Coretrack Limited has executed a binding Share Sale Agreement (SSA) to acquire Globe Drill Pty Ltd (Globe Drill). Pursuant to the SSA, executed between the Company, Globe Drill, Strange Investments (WA) Pty Ltd (SIPL) and the remaining Globe Drill shareholders ('the Vendors'), and Mr Warren Strange as covenantor and guarantor, Coretrack will acquire 100% of the issued share capital of Globe Drill.

Globe Drill is one of Australia's premier technology, manufacturing (and soon to be drilling services) companies, having been established by Mr Strange in 2005 as a specialist drill rig manufacturing company which develops cutting edge drilling equipment for the rapidly growing and increasingly important renewable energy sector. It is anticipated these rigs will result in significant time savings to exploration and production focused companies who require wells drilled to depths of up to 3000 metres. Globe Drill has a licence to use intellectual property rights which are owned by SIPL as trustee for the Strange Family Trust. As part of Transaction, SIPL will enter into a new licence agreement with Coretrack and Globe Drill in respect of these intellectual property rights ('IP Licence').

The Transaction, if completed, is expected to create a leading drilling technology and services company. With the acquisition of Globe Drill, Coretrack will be in a position to provide uniquely tailored technology, focused primarily on servicing the energy and mineral sectors and specialising in drilling at depths of up to 3000 metres with incredible efficiency and speed. This will open up market opportunities well beyond that in the conventional energy/mineral sectors, including geothermal, shale gas and coal bed methane.

Tags: Coretrack Limited