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Liberty, which still retains 31 tenements and applications in Queensland, said the applications are located in the Moorlands Basin, Blair Athol.
The consideration is made up of $1 million of cash and $2 million worth of shares, which will be issued to Liberty at the initial public offering price when Blackwood Coal lists on the ASX.
Proceeds of $0.5million were received on August 2 with the balance of $0.5 million due upon the IPO.
Blackwood Coal currently anticipates listing on the ASX before mid-2011. The share based consideration is due on the satisfactory granting and subsequent transfer of the tenements.
Blackwood Coal is a Sydney-based private Australian company that was established in November 2009 and is focused on coal exploration and mine development.
Since then, the company has acquired a portfolio of exploration in Queensland covering the Bowen, Surat/Clarence Moreton and Galilee coal basins.
Prior to listing the board will develop its current assets and also seek merger and acquisition opportunities to further expand its project portfolio.
