In December last year, Endocoal announced it had received a number of unsolicited approaches by potential buyers at asset and corporate levels.

The company appointed Grant Samuel Corporate Finance as its financial advisor to review and manage potential transactions.

In a statement released to the market, Endocoal said the formal process undertaken by Grant Samuel Corporate Finance would “not result in a change of control transaction”

“Discussions surrounding transactions to realise value at project and asset level continue to be developed by Endocoal with a number of parties,” the company said.

Its decision to decline offers for a possible change of control comes during an active time for the company as it ramps up exploration at its coking and thermal coal tenements.

Endocoal recently announced it had discovered coking coal properties at its greenfield Stockyard Creek project in the southern Bowen Basin.

Stockyard Creek is strategically located about 48km south of the Moura-Gladstone rail line and adjoins Endocoal’s Cedars and Barfield tenements.

Earlier in the year, Endocoal completed a $12 million capital raising and welcomed equity groups AMCI Capital and Macquarie Capital as new shareholders.

Endocoal has a number of prospective tenements in the Bowen Basin, with its Rockwood and Orion Downs tenements being its flagship projects.

In the medium term, Endocoal said shareholder value continued to be driven by its successful exploration programs aimed at identifying JORC-rated coal measures.

Looking ahead, Endocoal said it had the ability to become an increasingly valuable company as it progressed exploration areas into project development status.