Triple Energy Limited announced that it has executed a binding term sheet pursuant to which the Company has agreed with Neutralysis Industries Pty Ltd. ACN 156 261 791 (NIPL or Neutralysis) to make recommended offers to its shareholders to acquire 100% of Neutralysis (Acquisition). Neutralysis is an Australian based company focused on the development and implementation of hydrogen projects. It has entered into a Joint Development and Earn-in Agreement (JDA) with Natural Hydrogen Energy LLC (NH2E), a Colorado based limited liability company.

NH2E has ownership of an already drilled hydrogen exploration well in Nebraska, USA and is a recognised authority in the science of natural hydrogen. Under the terms of the JDA, Neutralysis has the ability to acquire a 30% interest in the JDA by expending USD 5 million on work programs agreed between the parties. The amount of USD 1,511,242 has already been contributed towards Development Costs by Neutralysis to develop and progress the Development Assets.

By expending a further USD 15 million, Neutralysis can acquire an additional 21%, to take its equity interest in the JDA to 51%. The Acquisition is targeted for completion in the second quarter of 2022 and will underpin TNP's mission of pioneering the exploration and production of natural hydrogen. Together, TNP and NH2E aim to commercialise natural hydrogen sourced from within the earth.

Exploring for natural hydrogen is an emerging field in the geosciences and if commercial resources can be developed it has potential to disrupt the existing energy paradigm. The proposed Acquisition is conditional on the Company obtaining all necessary regulatory and Shareholder approvals to effect the Acquisition and satisfying all other requirements of ASX for the reinstatement to official quotation of the Company's shares on the ASX (among other things). On completion, the Acquisition will amount to a significant change in the nature and scale of the Company's current activities and as such, TNP will be required to obtain approval from its shareholders (Shareholders) and to re-comply with Chapters 1 and 2 of the ASX Listing Rules (Listing Rules).

As part of the Acquisition, the Company proposes to complete a capital raising to raise a minimum of $5,000,000 (Minimum Subscription) and a maximum of $7,000,000 (Maximum Subscription).