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Mozambi Coal Ltd Acquires Queensland Exploration Licences From Rio Tinto Exploration Pty Ltd
Monday, 18 Nov 2013 05:05pm EST Mozambi Coal Ltd announced that its wholly owned subsidiary MNBB Pty Ltd has acquired 2 Queensland coal exploration licences from Rio Tinto Exploration Pty Ltd (RTX) and entered into negotiations to acquire up to a further 3 coal exploration licences and applications in Queensland from other project vendors (together, the Transaction). MOZ has acquired a 100% interest in EPC 1768, located in the Bowen Basin, 100km west of Mackay, Central Queensland and covering a total area of approximately 30km2. All licences acquired and proposed to be acquired pursuant to the Transaction were introduced by Subiaco Capital Pty Ltd. The Transaction is in two parts, as follows: Part 1: MOZ has paid Rio Tinto Exploration (RTX) initial cash consideration of $375,000 (+GST) pursuant to a Sale and Purchase agreement for the acquisition of 100% of EPC 1768 and EPC 2098 from RTX. Part 2: Part 2 of the Transaction consists of a conditional Heads of Agreement (HoA) between the Company and the shareholders of Blackall Capital Pty Ltd (Blackall) for acquisition by the Company of100% of the issued capital of Blackall, which holds options to acquire three further areas of tenure in Queensland, including a 95% interest in EPC 2861, which Blackall advises has been granted, as well as EPC 2702 (95%) and EPM 25113 (100%), both of which Blackall advises have been approved for grant.
MOZ Price at posting:
1.7¢ Sentiment: None Disclosure: Held
