Key Developments: Carbon Energy Ltd (MEE.F)
0.01EUR
17 May 2013
€-0.00 (-13.33%)
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3,423
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Latest Key Developments (Source: Significant Developments)
Carbon Energy Ltd Signs Memorandum Of Understanding With Zhengzhou Coal Industry Group Co., Ltd
Carbon Energy Ltd announced that it has signed a Memorandum of Understanding (MOU) and a Definitive Technology Services Agreement to become the exclusive underground coal gasification (UCG) technology partner to Zhengzhou Coal Industry Group Co., Ltd (Zhengmei Group) for an Inner Mongolian UCG Project. Carbon Energy will earn a AUD 10 million technology license fee payable on success of the Demonstration project and technology services fees for the duration of the projects. Ongoing royalties will also be paid once revenue is generated from the projects. Carbon Energy will earn a further AUD 100,000 in Technology Services fees for the initial site characterisation and UCG suitability study over the next couple of months. Full Article
Carbon Energy Ltd Appoints Acting Chief Executive Officer
Carbon Energy Ltd announced the appointment of Mr. Morne Engelbrecht as Company's Acting Chief Executive Officer effective December 21, 2012. Full Article
Carbon Energy Ltd Announces Agreed Outcome Over DEHP Allegations
Carbon Energy Ltd (Carbon Energy) announced that an agreed outcome has been reached with the Department of Environment and Heritage Protection (DEHP) (formerly Department of Environment and Resource Management (DERM)) over three summary charges brought in the Brisbane Magistrates Court associated with the alleged release of process water in August 2009. Carbon Energy has pleaded guilty to three charges despite the fact there was no environmental harm. The first relates to a release of process water to Bloodwood Creek, which was contained in a ponded section of the creek, in contravention of an environmental authority. The second relates to the irrigation of process water within the flare compound in contravention of an environmental authority, where it was accepted that a junior employee acted inappropriately and without the knowledge or authority of the Company or its directors or executives. The third relates to the failure to give written notification to DEHP of the event. A fourth charge was dismissed. The Company has been ordered to pay a total fine of AUD 60,000 as well as investigation costs of AUD 12,000 and legal costs of AUD 28,000. No conviction was recorded. The Managing Director, Andrew Dash, also pleaded guilty to failure to ensure written notification was given to DEHP and was fined AUD 2,000, with no conviction recorded. It is anticipated that this agreed outcome will not have any impact on Carbon Energy’s continuing operations. Full Article
Carbon Energy Ltd Converts Notes Into New Ordinary Shares
Carbon Energy Ltd announced that it has issued 2,145,388 ordinary fully paid shares. In consideration of the interest costs, payable 3 months in arrears, in relation to the Facility utilised under the AUD 10 million Pacific Road Convertible Note Facility Agreement at a value of AUD 0.0590 cents. The shares were issued pursuant to the AUD10 million Pacific Road Convertible Note Facility Agreement. These shares are issued in accordance with ASX Listing Rule 7. Full Article
Carbon Energy Ltd Announces Credit Suisse - AUD 10 Million Senior Secured Funding Facility
Carbon Energy Ltd announced that Credit Suisse has provided a AUD 10 million bridging loan facility to assist in funding the Company’s short term working capital requirements. Loan Documentation has been executed and Carbon Energy will proceed to draw down on this loan. The terms of the loan are a 12 month secured term loan facility at an interest rate of 8% per annum with 61,728,395 million Options issued at a strike price of AUD 0.081 Full Article
Carbon Energy Ltd Announces Resignation Of Chief Executive Officer And Managing Director
Carbon Energy Ltd (Carbon Energy) announced the resignation of Chief Executive Officer and Managing Director, Mr. Andrew Dash. He will leave Carbon Energy at the end of 2012 to ensure an orderly transition in the leadership of the Company Full Article
Carbon Energy Ltd Issues Ordinary Shares
Carbon Energy Ltd announced that it has issued 2,306,795 ordinary fully paid shares in the Company to PRCM Nominees Pty Limited (458,129 shares) and Pacific Road Holdings NV (1,848,666 shares) which represent the interest payable in respect of the Convertible Note Facility Agreement between the Company, PRCM Nominees Pty Ltd and Pacific Road Holdings. The shares are issued in consideration of the interest costs, payable three months in arrears, in relation to the Facility utilized under the AUD 10 million Pacific Road Convertible Note Facility Agreement at a deemed value of AUD 0.0540. Full Article
Carbon Energy Ltd Announces Convertible Loan Facility
Carbon Energy Ltd announced that the Convertible Loan Facility Agreement with Pacific Road Capital has been finalised. Tranche A of the Convertible Loan Facility amounting to AUD 2 million will be drawn down in the next couple of weeks and Tranche B amounting to AUD 8 million will be drawn down on completing further administrative conditions. These amounts, together with the AUD 8.2 million raised through the Company’s recent Rights Issue, will deliver a total funding of AUD 18.2 million. Full Article
Carbon Energy Ltd Announces Rights Issue Results
Carbon Energy Ltd announced that the Company has received applications for a total of 68,703,985 shares for a total value of AUD 8.2 million (gross proceeds) pursuant to the one for eight non-renounceable rights issue. The Company anticipates placing the shortfall within the next three months raising the gross proceeds to approximately AUD 10.4 million (before costs). Full Article
Carbon Energy Ltd Appoints Chief Financial Officer
Carbon Energy Ltd announced the appointment of Morne Engelbrecht as Chief Financial Officer and Company Secretary. Full Article
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