PALM DESERT, USA: Solar Energy Ltd announced that it has been evaluating various options for moving forward, not only in the field of renewable energy but also in other opportune sectors of today’'s economy.
Solar has spent much of the last 12 years involved in a variety of development stage R&D projects. The company is now focused on opportunities that are more advanced in nature. Solar has identified two opportunities that it is now investigating and the success of each will be dependent on its ability to raise the funding necessary to finance the transactions.
Solar has entered into an agreement to acquire the assets of a private company operating as Solar Electric (formerly Discover Power). The transaction includes entering into management contracts with the two founders of Solar Electric who have been in the business of providing Solar Solutions to a wide variety of customers for over 15 years.
The ultimate aim is to have retail outlets where the customer can in one stop have someone design and install a solar system for his home or business including filling out any Government grants/rebates and buy back agreements with the utility companies.
The second opportunity identified is that Solar has been presented with an offer to finance and acquire certain mining assets from Pelaton Mining, Inc. The property is a large alluvial gold deposit in SE Tanzania. Some $2.1M for exploration costs has been spent on the property and a 43.101 geological report is available. $3 million is needed to place into production a facility that will process 4000 m3/day averaging 1 gm/m3.
Both projects are subject to Solar’s ongoing due diligence and its ability to raise the funds necessary to implement the business plans. More information will be forthcoming in due course.
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