Monday, 29 Aug 2011
Convergent Minerals is to acquire all of the shares in Blackwood Coal Pty Ltd which holds a portfolio of coal exploration tenements in Queensland.
The Blackwood portfolio of projects includes a pipeline of coal exploration projects and prospects including an advanced thermal coal exploration project called West Bowen Coal Project located 20 kilometers west of Blair Athol in the Bowen Basin.
The lead project has a 27.3 million tonnes JORC Inferred Resource with an additional 15 to 30 million tonnes exploration target. There are drill ready exploration targets in the Bowen, Surat and Clarence Moreton Basins with previous coal intercepts. Blackwood Coal is planning an intensive drill campaign to increase the JORC resource base in calendar year 2011.
Blackwood Coal currently has a portfolio of 7 granted EPCs and 25 applications. The exploration permits range from advanced exploration with drill ready targets to Greenfield lateral opportunities. Drilling at the East Wandoan Project has intersected up to 11.7 meters in cumulative thickness of coal at depths less than 100 meters.
As consideration, convergent will seek shareholder approval to acquire these assets by a capital raising of up to USD 20,000,000, through the issue of shares at a price subject to market conditions, but not less than USD 0.20 per offer share. The transaction is conditional on Convergent shareholder approval and due diligence of all parties. The transaction requires Convergent to comply with the requirements of Chapters 1 and 2 of the Listing Rules.
The board of the company will replaced by the current board members of Blackwood. Convergent will be renamed Convergent Coal Limited.
A consolidation on a 2 for one basis is proposed. Convergent will sell the Bounty Project to AFL Resources Limited.
(sourced proactiveinvestors)
Convergent Minerals is to acquire all of the shares in Blackwood Coal Pty Ltd which holds a portfolio of coal exploration tenements in Queensland.
The Blackwood portfolio of projects includes a pipeline of coal exploration projects and prospects including an advanced thermal coal exploration project called West Bowen Coal Project located 20 kilometers west of Blair Athol in the Bowen Basin.
The lead project has a 27.3 million tonnes JORC Inferred Resource with an additional 15 to 30 million tonnes exploration target. There are drill ready exploration targets in the Bowen, Surat and Clarence Moreton Basins with previous coal intercepts. Blackwood Coal is planning an intensive drill campaign to increase the JORC resource base in calendar year 2011.
Blackwood Coal currently has a portfolio of 7 granted EPCs and 25 applications. The exploration permits range from advanced exploration with drill ready targets to Greenfield lateral opportunities. Drilling at the East Wandoan Project has intersected up to 11.7 meters in cumulative thickness of coal at depths less than 100 meters.
As consideration, convergent will seek shareholder approval to acquire these assets by a capital raising of up to USD 20,000,000, through the issue of shares at a price subject to market conditions, but not less than USD 0.20 per offer share. The transaction is conditional on Convergent shareholder approval and due diligence of all parties. The transaction requires Convergent to comply with the requirements of Chapters 1 and 2 of the Listing Rules.
The board of the company will replaced by the current board members of Blackwood. Convergent will be renamed Convergent Coal Limited.
A consolidation on a 2 for one basis is proposed. Convergent will sell the Bounty Project to AFL Resources Limited.
(sourced proactiveinvestors)
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