Wavenet International
Wavenet International (ASX: WAL) has acquired coal mining tenements in the Bowen Basin, Rockhampton and Gayndah districts in Queensland and is in the process of acquiring more coal tenements within the same regions.
The company has been actively investigating new investment opportunities, particularly in the resource sector and those opportunities are dominated by overseas projects
Wavenet International relists on ASX after change of activities
Wednesday, February 08, 2012 by Christine Feary
Wavenet International (ASX: WAL) will relist on the ASX at the commencement of trading today following a change in the company’s activities.
Securities of Wavenet were suspended from official quotation on November 14, 2011 as the company shifted its focus to new investment opportunities in the resource sector.
Wavenet has now recompiled with listing rule 11.1.3 and chapters 1 and 2 of the ASX listing rules.
Upon reinstatement, the company will have 55.5 million fully paid ordinary shares on issue.
Queensland coal interests
Prior to its suspension, Wavenet was actively sourcing and investigating resource investment opportunities, primarily in Queensland. It was also investigating one potential project in Indonesia.
In October 2011 the company started drilling the Gayndah coal project in Queensland to verify the presence of coal seams recorded from historical water bores.
Chip drilling intersected coal ranging from an average of 0.2 metres thick in the southern area to an average of 4 metres thick in the northern area. Follow up diamond holes identified coal seams up to 12 metres thick against fault structures.
However, an ash content that exceeds the parameters for export coal means that the coal intersected is not economic quality. Wavenet plans to continue exploring coal seams in the area.
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