Published: February 5, 2016 |

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Nathan Tinkler helmed Australian Pacific Coal has proven the skeptics wrong by raising a tidy $20 million to finance the acquisition of an 83.33 percent interest in the Dartbrook thermal coal assets of the Hunter Valley.

The funding has been entered into with John Robinson and Nick Paspaley, the owners and controllers of existing cornerstone investor, Trepang Services Pty Ltd with a principal amount of $A10 million each and a coupon rate of interest of 15 percent pa.

If shareholder approval is obtained the loan and accrued interest will automatically convert into ordinary shares in AQC at the conversion price of $0.015.

This together with a further $4.5 million of cash reserves from AQC, has been placed into escrow pending completion of the Dartbrook acquisition and satisfies the condition precedent requiring funds in escrow by 31 January 2016.

Australian Pacific Coal is planning to focus the mine to a low strip ratio open cut mining with approval to be sought for a 5 million tonnes per annum operation upon acquisition of a subsidiary company of Anglo American Plc.

It aims to tap demand, particularly from Asian markets for high energy low ash thermal coal.

Dartbrook has significant infrastructure already in place, including coal handling and preparation plant as well as train load out.

There are no ‘take-or-pay’ rail and port contracts currently in place that requires funding during development.

Source: (February 2, 2016) Proactive Investors

About Australian Pacific Coal
Australian Pacific Coal Limited is an Australian coal-based company focusing on identifying and developing thermal, coking and PCI coal deposits in Queensland.

To stop by Australian Pacific’s website, CLICK HERE

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