Golden Share Resources Corp. agreed to transfer its energy storage business to its Harmony Energy Technologies Corp. unit in exchange for 3,850,134 shares.

Golden Share will transfer its license agreement and agreement for commercializing technology with the Battelle Memorial Institute.

Under the terms, the company will create new class A shares, and every 10 outstanding shares will be exchanged for 10 new shares and one Harmony Energy share. The Harmony Energy shares still held by Golden share will then be redeemed and canceled, according to an Oct. 15 release.

Simultaneously, Harmony Energy will complete a private placement for a minimum of US$100,000 that it will use for working capital.

Golden Share announced in April that it was reviewing options for the structure and implementation of spinning out its energy storage business to focus on its mineral exploration activities.