logo-loader
view4DS Memory Ltd

Fitzroy Resources improves terms of U.S. coking coal project acquisition

au_united_states350_5283064da0625.jpg

Fitzroy Resources (ASX: FRY) has amended the terms of an option agreement to acquire hard coking coal assets in the U.S. that reduces the consideration while increasing the property area.

The company will now pay US$805,000 in cash, 30 million ordinary shares and 20 million performance shares to acquire Premier Coking Coal, which now has options to acquire the Emmaus, Blackstone leases and Deep Mine Permit in West Virginia.

This compares with the original consideration of US$1.6 million, 55 million ordinary shares and 55 million performance shares for just the Emmaus lease.

The leases contain prospective coal seams that outcrop on hills within the Appalachian Basin that have a short term target to commence low capital expenditure production through the use of third party processing close to the property.

Permits already exist on property for mining, plant, refuse disposal and rail loading.

Emmaus was last mined in the late 1990s by Virginia Crews, producing mid-volatile, hard coking coal.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

Quick facts: 4DS Memory Ltd

Price: 0.057 AUD

ASX:4DS
Market: ASX
Market Cap: $64.85 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Bulls Bears & Brokers: Martin Place Securities Barry Dawes on market highs...

Martin Place Securities executive chairman Barry Dawes speaks to Proactive about the highs and lows of the markets, and takes us through his bulls and bears outlook. Dawes says there are record highs in equity markets, bond markets are turning down again, currencies are showing trendless...

5 hours, 5 minutes ago

2 min read