Hot Rock (ASX:HRL) has completed its acquisition of environmental consulting and hazardous materials testing business OCTIEF Pty Ltd.
OCTIEF carries out studies, including mine sites, contaminated land sites, buildings, soils and water, which need to be done as part of government and council development approvals for new project developments.
It also operates laboratory facilities in Brisbane and plans to setup a further facility in Darwin to meet growing demand.
The company has paid to the vendors an initial consideration of 320,754,355 HRL shares, representing half the total maximum consideration.
Another 160,377,178 shares will be issued if OCTIEF achieves revenue for the 6 months to 31 December 2014 equal to or greater than $1.75 million.
Should OCTIEF establish a laboratory in Darwin, a further 96,226,306 shares will be issued while the remaining 64,150,871 will be issued if the business achieves revenue for the 12 months to 30 June 2015 which equals or exceeds $4.25 million.
Hot Rock will maintain its geothermal exploration permits, GEP6 and GEP8 in Victoria’s Otway Basin, that are currently on a care and maintenance basis while it investigates the best way to try and develop them.
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