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Cuesta Coal Ltd Acquires Orion Coal Project


Tuesday, 11 Dec 2012 06:46pm EST 

Cuesta Coal Ltd announced that it has executed a Share Sale Agreement (SSA) to acquire Hannigan & Associates Pty Limited (Hannigan & Associates) for a total cash payment of AUD18.2 million. Hannigan and Associates is the holder of EPC 775 & EPC 776, collectively known as the Orion Coal Project which is located immediately north of the Moorlands Deposit (EPC 1738) and adjacent to the Cuesta’s West Bowen Project. Under the terms of the transaction, a AUD5 million deposit is payable in two tranches before December 21, 2012 and this will be funded through existing cash reserves. The balance of AUD13.2 million is payable before February 28, 2013. Cuesta is in advanced and positive discussions with its cornerstone investor Beijing Guoli regarding funding support for the transaction. These discussions are progressing well. The company has also secured an option of a AUD10 million vendor Convertible Note to fund part of the transaction should the balance of the funding not be secured on favourable terms for Cuesta’s shareholders prior to settlement date. The transaction is subject to FIRB approval and the Company will be required to seek shareholder approval to issue AUD10m of Convertible Notes to the vendor. The transaction is subject to a Break Fee of AUD500,000 if shareholder approval is not granted and the transaction does not complete. 

Company Quote

0.095
-0.0050 -5.00%
23 Apr 2014