Balamara Resources (ASX:BMB) is preparing to provide an update in regards to the company securing the rights to a significant coal asset.
The ASX has granted a trading halt, with Balamara's shares placed in pre-open.
Earlier in the week Balamara expanded and diversified its Polish coal portfolio by acquiring a strategic interest in thermal coal project.
Balamara has acquired 15% of Carbon Investments, owner of the substantial Mariola Thermal Coal Project in Upper Silesia, southern Poland, for 15M shares and $500,000 cash. Balamara has the option to secure a further 15%, at its election.
The halt will remain on place until the opening of trade on Tuesday 22nd July 2014, or earlier if an announcement is made to the market.
News: Balamara Resources to divulge details on rights to significant coal asset
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