Prairie Operating Co. (NasdaqCM:PROP) signed a definitive agreement to acquire Assets of Nickel Road Operating LLC for $94.5 million on January 11, 2024. The total consideration of $94.5 million, subject to certain closing price adjustments and other customary closing conditions.

The total consideration consists of $83 million in cash and $11.5 million in deferred cash payments. The effective date of the transaction is February 1, 2024. The transaction is currently expected to close in the first half of 2024.

The Company expects to fund the transaction through a combination of public and / or private issuance of common stock, cash on hand, and proceeds from existing warrant exercises.