C@ progresses with Mongolian acquisition

EMERGING coal company C@ is a step closer to securing eight highly prospective coal licences in Mongolia after commencing a capital raising roadshow.
C@ progresses with Mongolian acquisition C@ progresses with Mongolian acquisition C@ progresses with Mongolian acquisition C@ progresses with Mongolian acquisition C@ progresses with Mongolian acquisition

The Ovorhangay Province. Courtesy of C@.

Lauren Barrett

C@ entered into a conditional share sale agreement in late October for the licences after it acquired all of the issued capital of BDBL, a subsidiary of Peabody-Winsway Resources.

The licences cover approximately 625sq.km and are close to existing producing assets and infrastructure, with neighbouring energy-hungry China in close proximity.

Once C@ purchases the licences, it will undertake an exploration program which will demonstrate the economic potential of the coal seams and define a JORC-compliant resource for the tenements.

A former optical company, C@ said following the acquisition, it would consider changing its name to Draig Resources to more accurately reflect the proposed future operations and market focus of the company.

loader