FOR IMMEDIATE RELEASE The Company Announcements Platform Australian Securities Exchange By e-lodgment ZAMBEZE COAL BASIN UPDATE Due diligence successfully concluded Licences 3245L and 3246L secured by Dugal Dugal Call Option exercised by RTL RTL to seek approval to become a coal exploration and development company Capital-raising to fund exploration program and working capital The board of directors of RTL Corporation Limited (ASX: RTL, Company or RTL) is pleased to announce that legal and technical due diligence activities relating to the Companys call option agreement (Call Option) with Dugal Pty Ltd (Dugal) have been successfully concluded and RTL has now exercised the Call Option (subject to settlement, which is conditional upon shareholder approval). As previously advised, Dugal had entered into an option agreement in relation to mineral licences in the sought-after Zambeze Coal Basin deposits in the Moatize district of the Tete Province in Mozambique. Dugal has exercised its option to acquire the two highest priority licences, 3245L and 3246L and RTL has subsequently opted to exercise its option to acquire 100% of the share and option capital of Dugal. Commenting on the option exercise, RTL director Alex Neuling said We are very pleased to be able to conclude this transaction, which offers an excellent opportunity for RTL to participate in an emerging coal-producing region. RTL very much looks forward to the next chapter and working with Dugal and our in-country joint venture partners to realise the value of these licences
RTL Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held