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Beijing Guoli Given Chinese Regulatory Approval For $12 Million Share Placement In Cuesta Coal Ltd


Tuesday, 4 Jun 2013 07:23pm EDT 

Cuesta Coal Ltd announced that it has been notified by Beijing Guoli Energy Investment Co., Ltd (“Beijing Guoli”) that it has received Chinese Regulatory approval for its investment in Cuesta through its wholly owned subsidiary Longluck Investment (Australia) Pty Ltd (Longluck). As announced on April 16, 2013, Beijing Guoli has received Foreign Investment Review Board (FIRB) approval of its investment. The placement is subject to Cuesta shareholder approval which will be sought at General Meeting to be held on 24 June 2013. The funds from the placement will be used to reduce the convertible note liability arising from the Orion Coal Project acquisition and for exploration and development activities at Cuesta’s flagship Moorlands Project which has a 146.1 Mt JORC resource and is located 14km west of the Blair Athol Coal Mine in the Western Bowen Basin. The placement is expected to be finalised shortly after the EGM. Once completed, Beijing Guoli’s total investment in Cuesta will be $32 million. 

Company Quote

0.087
-0.0010 -1.14%
19 Sep 2014