Vancouver, British Columbia--(Newsfile Corp. - December 16, 2024) - BRS RESOURCES LTD. (CSE: BRS) (the "Company" or "BRS"), a mineral exploration company, is pleased to provide an update on its membership interest in AleAnna Energy LLC ("AleAnna Energy"), owned by its wholly owned subsidary, Bonanza Resources (Texas) Inc., which is focused on natural gas production in Italy. During the year ended October 31, 2020, the Company fully impaired its investment in AleAnna Energy due to uncertainty around future benefits and the economic environment driven by COVID-19 and factors impacting the oil and gas industry.
On December 13, 2024, Swiftmerge Acquisition Corp. ("Swiftmerge") (NASDAQ: IVCP), a NASDAQ listed Special Purpose Acqusition Company, acquired all of the membership interests in AleAnna Energy by way of a merger with the resulting company named AleAnna, Inc. (NASDAQ: ANNA) ("AleAnna") (the "Merger"). For more information regarding the Merger, please refer to AleAnna's press release dated Decmeber 13, 2024.
Pursuant to the Merger, the former equity holders (the "Shareholders") of AleAnna Energy, including the Company, exchanged 100% of their membership interests in AleAnna Energy for an aggregate of 65,098,476 shares of common stock of AleAnna, representing approximately 93.2% of the voting power of all outstanding common stock of AleAnna. The Company will receive a pro rata portion of the 65,098,476 shares of common stock as consideration for its membership interests in AleAnna Energy, which the Company estimates will be 1,969,882 common shares. The common shares of AleAnna began trading on the NASDAQ Capital Market at the opening of trading on December 16, 2024.
About AleAnna
AleAnna is an innovative energy company dedicated to unlocking Italy's extensive natural gas reserves and advancing renewable energy solutions to address the country's energy needs and support Europe's sustainability and energy security goals. With a vast portfolio encompassing over 2.3 million acres of potential resources and state-of-the-art technologies, AleAnna is poised to lead Italy's energy transition. Guided by a commitment to environmental responsibility and operational excellence, AleAnna is shaping a sustainable and secure energy future. The company operates regional headquarters in Dallas, TX, and Rome, Italy, serving as strategic hubs for its global and local initiatives.
BRS Resources Ltd.
BRS is a mineral exploration company focused on the identification, evaluation, and acquisition of mineral exploration properties located in Canada and the United States and once acquired, the exploration of those properties. BRS' principal property is the Cowtrail Property, which is currently in the exploration stage. The Cowtrail Property consists of 32 minerals claims covering 4,400 hectares located in south central British Columbia, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
Byron Coulthard
President and CEO
Phone: 604.657.7004
For further information please contact Byron Coulthard at 604.657.7004 or by email at byron@shawcable.com
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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