FIRB Approval Received For $12 Million Share Placement
Sydney, April 16, 2013 AEST (ABN Newswire) - Cuesta Coal Limited (
ASX:CQC) today announced that it has been notified by Beijing Guoli Energy Investment Co., Ltd (“Beijing Guoli”) that it has received Foreign Investment Review Board (FIRB) approval for its investment in Cuesta through its wholly owned subsidiary Longluck Investment (Australia) Pty Ltd (Longluck).
On 22 February Cuesta announced it had executed a Share Placement Agreement to raise a further $12 million by issuing 66,666,667 new ordinary shares at A$0.18 per share to Beijing Guoli. The funds will be used to fast-track the development of Cuesta’s flagship Moorlands Project which now has a 146.1 Mt JORC resource, and significant exploration upside.
Once this $12 million placement is completed, this will take Beijing Guoli’s total investment in Cuesta to $32 million. Cuesta’s Managing Director Matthew Crawford said: “FIRB approval marks an important milestone in completing this latest placement and we are pleased to confirm that Beijing Guoli is very committed to supporting Cuesta’s growth strategy.
“Cuesta and Beijing Guoli are working closely and cooperatively and we continue to strengthen our partnership. Our collective aim is to achieve production at Moorlands as soon as possible, and we are working hard to achieve this.”
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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