PH2 - Pure Hydrogen Corporation

Splitting the business -

Spinout of Australian gas assets into separate ASX Listing 

• Pure Hydrogen to spin out its Australian gas assets into a new ASX-listed gas exploration and development company, Eastern Gas Limited (‘Eastern Gas’), via an Initial Public Offering (‘IPO’), subject to ASX and board approval
• Eastern Gas is expected to raise $8 million to $10 million at IPO to fund its near-term works program, commencing with fracture stimulation at Windorah and drill / flow-testing works at Project Venus 
• As part of the transaction, Pure Hydrogen shareholders will be entitled to receive an in-specie distribution of shares in Eastern Gas on an indicative basis of 1 new share in Eastern Gas for every 5 shares held in Pure Hydrogen (final basis to be determined) 
• Eastern Gas will own a natural gas portfolio comprising two highly prospective tenements in Queensland’s prolific Cooper Basin and Walloon CSG fairway 
• Eastern Gas portfolio will comprise:
  • the Windorah Gas project in the Cooper Basin (330 BcF 2C Resources); and
  • Project Venus (123 BcF 2C Resources), 100%-owned CSG assets located in the prolific Walloon CSG fairway adjacent to a network of nearby gas operators 
• Exploration and development will be overseen by an experienced Board and management team with a proven track record in the development of large-scale oil & gas projects in domestic and international markets

JohnDe said:

Splitting the business -

Spinout of Australian gas assets into separate ASX Listing 

• Pure Hydrogen to spin out its Australian gas assets into a new ASX-listed gas exploration and development company, Eastern Gas Limited (‘Eastern Gas’), via an Initial Public Offering (‘IPO’), subject to ASX and board approval
• Eastern Gas is expected to raise $8 million to $10 million at IPO to fund its near-term works program, commencing with fracture stimulation at Windorah and drill / flow-testing works at Project Venus 
• As part of the transaction, Pure Hydrogen shareholders will be entitled to receive an in-specie distribution of shares in Eastern Gas on an indicative basis of 1 new share in Eastern Gas for every 5 shares held in Pure Hydrogen (final basis to be determined) 
• Eastern Gas will own a natural gas portfolio comprising two highly prospective tenements in Queensland’s prolific Cooper Basin and Walloon CSG fairway 
• Eastern Gas portfolio will comprise:
  • the Windorah Gas project in the Cooper Basin (330 BcF 2C Resources); and
  • Project Venus (123 BcF 2C Resources), 100%-owned CSG assets located in the prolific Walloon CSG fairway adjacent to a network of nearby gas operators 
• Exploration and development will be overseen by an experienced Board and management team with a proven track record in the development of large-scale oil & gas projects in domestic and international markets

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@JohnDe and all who might have been holding, trading or watching the PH2 thread.
How come a spin-off IPO is for 20 cents per share, considering PH2 is trading at 10.5 cents?
What is the connection between Hancock Prospecting and this company, if any?