White Energy is buying up two Nathan Tinkler-linked enterprises to take control of the Tin Hut Creek coal project in Queensland’s Surat Basin and the mothballed Lolley No. 1 underground mine in Alabama.

The Australian coal entrepreneur is set to become executive chairman and managing director of White Energy upon completion of the acquisition.

He will be sitting alongside non-executive directors Brian Flannery, Mike Chapman and Keith Whitehouse on the White Energy board.

The ASX-listed company has entered into binding sale and purchase agreements for the acquisition of Oceltip Coal 2 (OC2) and Essential Global Resources (EGR) from vendors including Mr Tinkler.

OC2 is in the process of acquiring the 4000sq km Tin Hut Creek project, which extends from Wandoan down to an area north of Chinchilla.

The project area contains historically identified coal-bearing sequences within the Walloon Subgroup (Juandah and Taroom Coal Measures).

The aggregate purchase price is $4.5 million, subject to adjustments for debts and other liabilities.

The American Lolley No. 1 operation includes an on-site coal handling and preparation plant (CHPP) and has access to rail and barge access infrastructure.

The project, on care and maintenance, is proposed to be recommissioned in stages. In-seam slope development is well advanced.

White Energy is acquiring it for 83,333,333 shares at a deemed issue price of $0.06 per share, representing an implied transaction value of abour $5 million.

White Energy plans a capital raising of up to 250,000,000 fully paid ordinary shares at an issue price of $0.06 per share to raise up to about $15 million.

The company’s assets include the Specimen Hill copper-gold project and Maranoa copper-gold-cobalt project in Queensland along with exploration projects in South Australia and the Northern Territory.