Mozambi Coal forms alliance with Moultrie Group

MOZAMBI Coal’s shares are predicted to trade firmer after it placed 10 million shares to Queensland-based mining services provider Moultrie Group.
Mozambi Coal forms alliance with Moultrie Group Mozambi Coal forms alliance with Moultrie Group Mozambi Coal forms alliance with Moultrie Group Mozambi Coal forms alliance with Moultrie Group Mozambi Coal forms alliance with Moultrie Group

 

Sadie Davidson

The placement is subject to shareholder approval and on the same terms as the recently arranged placement to sophisticated investors at 1c.

Moultrie will oversee the primary seven-hole drilling program at the Bowen Basin project, acquired by Rio Tinto.

This raises an additional $100,000, and Moultrie Group will also receive 5 million free-attaching 2c options expiring December 31, 2017.

Funds raised from the placement will be used for further coal exploration activities in the Bowen Basin.

Mozambi is targeting three deposits - from 20-50 million tonnes of coal - that are shallow enough to open cut in multiple benches.

Based on the coal exploration target and drilling catalysts ahead Proactive Investors Australia predicts value accretion to $0.021-$0.028 for Mozambi within 6-9 months.

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