Frontier Energy Limited (ASX:FHE) entered into a letter on intent to acquire Waroona Energy Inc. (TSXV:WHE) for AUD 50.82 million on September 4, 2023, As on October 6, 2023 Frontier Energy Limited (ASX:FHE) entered into binding agreement to acquire Waroona Energy Inc, Key conditions to implementation of the Share Plan include Waroona Shareholders approving the Share Plan by a majority of 66.67%; Regulatory approvals in Canada; Canadian Court approval of the Share Plan; No material adverse change or prescribed occurrence occurring in relation to either Waroona or Frontier; and Other conditions customary for a public transaction of this nature. Farris LLP acted as legal advisor to Frontier Energy Limited and DLA Piper (Canada) LLP acted as legal advisor, Red Cloud Securities, Inc. acted as Financial advisor to Waroona Energy Inc.

Frontier Energy Limited (ASX:FHE) completed the acquisition of remaining 80% stake in Waroona Energy Inc. (TSXV:WHE) on December 14, 2023. Pursuant to the Arrangement, effective December 14, 2023, each holder of a Waroona common share (the ?Waroona Shares?) will receive 0.2342 of an ordinary share in the capital of Frontier in exchange for each whole Waroona Share held. The Waroona Shares are expected to be delisted from the TSX Venture Exchange and the OTCQB Venture Market at the close of trading on December 15, 2023. The Company will apply to cease to be a reporting issuer in all of the jurisdictions in Canada that the Company is currently a reporting issuer. The Arrangement was approved at a special meeting of shareholders of Waroona held on December 8, 2023, followed by the issuance of a final order approving the Arrangement from the Supreme Court of British Columbia on December 13, 2023. Computershare Investor Services acted as depositary and transfer agent to Waroona in the transaction. Red Cloud Securities, Inc. acted as fairness opinion provider to the special committee of Waroona Energy. Automic Registry Services Limited acted as trasnger agent and registrar to Frontier Energy in the transaction. Ernst & Young acted as auditor to Frontier in the transaction.