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Hodges Resources Ltd Announces Agreement To Acquire Kyrgyzstan Based, Australian Owned And Registered, Company


Monday, 17 Jun 2013 07:09pm EDT 

Hodges Resources Ltd announced that it has reached a heads of agreement with a Kyrgyzstan based, Australian owned and registered, company to obtain 100% of the issued share capital in return for the rights to a 50% interest in an operational thermal coal mine and an additional coal prospect in Kyrgyzstan. Under the terms of the heads of agreement, Hodges will issue shares in the company to the vendors shareholders. The total consideration is: 65,000,000 fully paid ordinary shares in the capital of HDG on completion of successful due diligence and shareholder approval. These shares will be escrowed for 18 months from issue; 35,000,000 fully paid ordinary shares in HDG which shall only be issued upon delineation and ASX announcement by HDG of a JORC compliant reserve tonnage at the historical mine project of at least 50,000,000 tonnes of minable coal; 50,000,000 fully paid ordinary shares in HDG which shall only be issued upon achievement of coal production and sales rates from the Historical mine such that the sum of any four consecutive months of production is at least 167,000 tonnes (equivalent to an annualised production rate of 500,000 tonnes or more) at an operating cost of equal to or less than: if the required production rate is achieved in the first two years following Completion, USD45 per tonne (FOB at the proposed China border destination); or if the required production rate is achieved after first two years following Completion, USD40 per tonne. 

Company Quote

0.016
0.0020 +14.29%
30 Jul 2014