Tiaro announced today that it has entered into a heads of agreement with Queensland Coking Coal, which holds three EPCAs – 1236, 1237 and 1261 – covering approximately 3972 square kilometres.

Under the heads of agreement, Tiaro will acquire a 50% interest in the three tenements, and arrange all regulatory and administrative approvals to advance the joint exploration and development of the tenements by the two companies.

Tiaro also announced the placement of 2 million fully paid ordinary shares at 80c with attached options totalling 1 million exercisable at $1.00 within the next two years.