White Energy Company (ASX:WEC) confirmed the completion of the acquisition of Essential Global Resources and Oceltip Coal 2, which has acquired the Tin Hut Creek project and associated assets, according to a Friday Australian bourse filing.

White Energy issued 83.3 million fully paid ordinary shares to the shareholders of Essential Global as consideration for the acquisition of the membership interests in Essential Global. In connection with the Oceltip Coal 2 acquisition, the purchase price was AU$4.5 million, as adjusted for debts and other liabilities at completion.

It also completed a placement to institutional and professional investors to raise AU$15 million at an issue price of AU$0.06 per share.

Nathan Tinkler was appointed as Managing Director and Executive Chair of White Energy, succeeding Brian Flannery as Chairman.

Its shares fell 5% in recent trading on Friday.