"The Company has today exercised its rights under the Option Agreement, which sets out the steps for negotiation of the definitive sale and purchase agreement. It is anticipated that further negotiation will take place over the next few weeks to finalise a definitive sale and purchase agreement for execution.
Under the terms of the Option Agreement consideration for the coal licences was set at $7.7million. The Company has been approached by a number of strategic investors recently with respect to investing in the Company. The Company is currently in discussion with a number of these groups."
- Doesn't look like funds will be needed for a few more weeks so it will be at a higher price than today's close. That's if they need ANY funding from the mkt. Either way, they'll have plenty of time to sell the real story (and get some coaching on how to write announcements that read a tad more upbeat).
CEO Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
