BRL
10/03/2015 08:30
ASSET
PRICE SENSITIVE
REL: 0830 HRS Bathurst Resources Limited
ASSET: BRL: Completion of Thermal Coal Acquisition
COMPLETION OF THERMAL COAL ASSET ACQUISITION UNDER AMENDED TERMS
Bathurst Resources Limited ("Bathurst" ASX/NZX : BRL) is pleased to announce
that it has completed the acquisition of the shares in New Brighton
Collieries Limited ("NBCL") which is the holder of Coal Exploration Permit
40625 ("New Brighton"), under amended payment terms.
On March 13, 2013, Bathurst announced an amendment to the payment terms for
the acquisition whereby an amount of NZ$13.25 million (AUD$10.6 million) fell
due on settlement on 31 December 2015. Under the latest amendment, instead of
making this payment, the balance of the purchase price will be satisfied by
an ongoing deferred consideration being 5% of gross sales revenue at mine
gate on all coal produced by the company in the Ohai area.
The New Brighton permit lies adjacent to Bathurst's Takitimu mine in
Southland and is prospective for high quality sub-bituminous coal. The
acquisition will provide Bathurst with expansion opportunities and underpin
the company's long term supply strategy to the south island dairy processing
industry under terms which will not impact on the company's cash reserves.
End CA:00261610 For:BRL Type:ASSET Time:2015-03-10 08:30:02
