Proactive Investors - Run By Investors For Investors

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

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

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.

View full 4DS profile View Profile

4DS Memory Ltd Timeline

Newswire
December 02 2016
Newswire
October 18 2016

Related Articles

Mina do Barroso
June 07 2019
The firm’s portfolio encompasses both assets with near-term production potential and longer-term development opportunities
Drilling work at Cinovec
April 29 2019
Here we take a deep dive into the mechanics of European Metals Holdings PLC (LON:EMH) (ASX:EMH), which in the Cinovec project has a tiger by the tail
1540886089_DJI_0816_resized.jpg
October 30 2018
Rainbow is continuing to drive towards a production rate of 400 tonnes per month

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use