And from thewest.com.au
C@ has announced a deal to transform it from a listed shell company to a Mongolia-focused coal explorer.
The company announced today it would acquire eight coal licenses in Mongolia's Ovorhangay and South Gobi provinces from US coal giant Peabody Energy for $US7.8 million.
To complete the purchase and begin an exploration and evaluation program, the company will raise $28 million in an institutional placement and change its name to Draig Resources.
C@ managing director Mark Earley said the acquisition represented a significant and exciting opportunity for the company to expand the scale of its activities.
"We have already identified coking coal properties in Ovorhangay and will now push ahead to confirm a JORC compliant resource by early next year," he said.
"Importantly, a number of licences are close to existing producing assets and infrastructure with close proximity to major energy markets like China and Russia making the economics of this project very favourable."
Shareholders will vote on the plans at the company's annual general meeting on November 30.
C@ shares are suspended, having last changed hands for 6.9 cents.
- Forums
- ASX - By Stock
- articles of interest
And from thewest.com.auC@ has announced a deal to transform it...
-
- There are more pages in this discussion • 10 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add CEO (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, MD & CEO
Anthony Noble
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online