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Esperance Minerals again attempts to exit mining with green tech deal

Esperance Minerals Ltd. is making yet another attempt to exit the mining sector, this time via the proposed acquisition of an unlisted New Zealand environmental technology firm.

The ASX-listed company, which is now just a shell with no exploration projects, has entered into a binding heads of agreement to acquire Greenenz Group Ltd., according to a Dec. 13 statement.

The deal is subject to a due diligence trial being undertaken on Greenenz's technology in the U.S.

If the trial is successful, Esperance Minerals plans to undertake an ambitious A$63 million capital raising to support its growth strategy and assist the company in relisting on the ASX.

If the deal goes ahead, the company will change its name to Greenenz Technologies Ltd.

Esperance Minerals was previously exploring the Kununurra project in Western Australia, which was thought to be prospective for gold and base metals.

However, in late 2014, the company let the project lapse because it believed the exploration results did not justify the minimum spend required to maintain the project.

Since then, Esperance Minerals has been on the hunt for a new business venture outside of the mining sector, making several attempts to acquire businesses including a Chinese meat exporter and an e-commerce business.

The company hopes to have this latest deal tied up and be trading again on the ASX by April 20, 2017.