SXT listed on the ASX on 7 October 2011 as a gold and copper-gold exploration company established to utilise some of the innovations in geosciences to target areas in Western Australia prospective for the discoveries of gold and copper-gold ore bodies. Since listing, the Company has focussed on gold exploration, and currently has an interest in the East Menzies Goldfield, located in the Yilgarn Shield of Western Australia. The current principal activity of the Company is exploration in the East Menzies Goldfield.
On 1 July 2015, the Company entered into the Option Agreement with the Vendors and LPE under which the Company was granted the LPE Option. The Company paid an option facilitation fee of $25,000 upon signing of the Option Agreement. The Option Agreement was subsequently varied by the parties on 8 July 2015 and 15 September 2015.
On 16 July 2015, the Company paid a further $25,000 option facilitation fee and on 31 July the Company exercised the LPE Option and paid the final $50,000 option facilitation fee. The Company has called a General Meeting, to be held on 2 November 2015, to seek the approval of its Shareholders to change the nature of the Company’s activities from a mining exploration company to an electricity retailer.
At the General Meeting, Shareholders will consider resolutions relating to the change in the nature and scale of the Company’s activities, as well as resolutions required for Settlement of the Acquisition and undertaking the Offers. It is the current intention of the Board to divest its East Menzies Goldfield project on or following Settlement of the Acquisition and to focus on the LPE business. As such, the East Menzies Goldfield project is not considered material in the context of the Offers.
SXT proposes to change its name to “Locality Planning Energy Limited” on Settlement of the Acquisition, which in the Board’s opinion will be better suited to the Company’s new strategic direction.
LPE is an energy retailer authorised by the Australian Energy Regulator (AER) to supply and sell electricity to residential, commercial and industrial customers throughout the National Energy Market (NEM). LPE currently supplies and manages electricity sales to strata communities, both existing and new developments, generating significant savings on electricity delivered to strata community common areas and its occupants.