Completion of Orion Coal Acquisition
Sydney, Feb 28, 2013 AEST (ABN Newswire) - The Board of Cuesta Coal Limited (
ASX:CQC) is pleased to advise that it has completed the Orion Coal Project Acquisition as announced on 12 December 2012.
The acquisition has been settled via a cash payment of $3.2million and the issue of 10,000,000 Convertible Notes. The issue of the Convertible Notes was approved by shareholders at the EGM held on 21 February 2013.
CQC further announced on 22 February 2013 that it had successfully executed a Share Placement Agreement to raise $12m by issuing 66,666,667 new ordinary shares at AU$0.18 per share to the Company's major shareholder, Longluck Investment (Australia) Pty Ltd, a wholly owned subsidiary of Beijing Guoli Energy Investment Co. The placement is subject to Chinese Regulatory, FIRB and Shareholder approval.
The funds will be used to reduce the Convertible Note liability and to fast track the Company's priority development project at Moorlands, located 14km west of the Blair Athol Coal Mine in the Western Bowen Basin in Queensland.
Contact
Cuesta Coal Limited
T: +61-2-9284-5900
F: +61-2-9284-5999
E: info@cuestacoal.com.au
WWW: www.cuestacoal.com.au
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