Acacia Coal Limited (AJC) has announced that the sale of the Comet Ridge project to Coking Coal One Pty Ltd (formerly Bowen Coking Coal Pty Ltd) (CCO) has been completed.
Under the terms of the sale agreement with CCO, Acacia has received 17,394,304 shares in Bowen Coking Coal Limited (formerly Cabral Resources Limited) (Bowen), which acquired CCO and is in the process of seeking to have its securities reinstated to trading on the ASX.
Acacia’s shares in Bowen are subject to escrow for a period of 12 months from the date of issue of the shares to Acacia.
Further Acacia has received cash consideration of US$350 000 (ex GST) from Bowen.
Read the article online at: https://www.worldcoal.com/mining/03102017/acacia-coal-completes-sale-of-comet-ridge-project/