Atrum Coal and BC Anthracite have agreed to work together to explore infrastructure development in the Groundhog region after the two companies settled ongoing litigation in the Western Australia Supreme Court and Federal Could of Australia.
“We are pleased to announce that all litigation with the former founders and BC Anthracite has ceased and we can now focus our attention on developing the Groundhog region,” said Bob Bell, Executive Chairman of Atrum.
“The companies have agreed to work together to explore infrastructure options in the region with the view to develop access to tidewater for the BC Anthracite and Atrum properties in Groundhog.”
As part of the settlement, BC Anthracite, which was founded by Russell Moran and Gino D’Anna, who also co-founded and remain shareholders in Atrum Coal, agreed to grant Atrum five tenements from its properties. These will now be amalgamated with Atrum’s Groundhog project.
Moran and D’Anno also agreed to support Atrum in creating a stable register, including certain restrictions on the sale of some Atrum shares for a period of six weeks from the date of settlement.
BC Anthracite also offered a 1.5% ex-mine gate royalty over 25 of its tenements to Atrum and a 0.5% ex-mine gate royalty over six of its tenements.
“The Groundhog coalfield represents a once-in-a-lifetime opportunity,” said Moran, now Executive Chairman of BC Anthracite. “We are pleased to have reached an agreement with Atrum on how best to work together to maximise value and opportunities for all stakeholders.”
Edited by Jonathan Rowland.
Read the article online at: https://www.globalminingreview.com/finance-business/15072016/atrum-and-bc-anthracite-settle-legal-proceedings-2016-2027/