Acacia Coal Ltd has received notification from Bowen Coking Coal Pty Ltd (BCC) of the formal exercise of its option to acquire Comet Ridge from the company.
The sale of Comet Ridge is now subject only to the receipt of the consideration due to Acacia under the terms of Acacia’s agreement with BCC, which is a further AUS$350 000 in cash and AUS$400 000 in shares in a listed entity when BCC achieves a listing on ASX.
Acacia notes that BCC has entered into an agreement with Cabral Resources Ltd under which BCC will, subject to conditions, be acquired and Cabral relisted on the ASX on successful completion.
According to a recent ASX announcement from Acacia, the notification by BCC to Acacia of the exercise of the option to acquire Comet Ridge is an important milestone in the transition of the company to focus on its proposed flagship asset, the Riversdale Anthracite Colliery, whilst allowing the company to benefit in potential upside in the listing of a consolidated package of coking coal assets in the northern and central Bowen Basin, Queensland via the proposed transaction with Cabral.
Read the article online at: https://www.globalminingreview.com/finance-business/03052017/acacia-receives-notice-of-option-to-acquire-comet-ridge/