Australian Pacific Coal Ltd has completed the divestment of the Cooroorah (MDL 453) and Mt Hillalong (EPC 1824) tenements to Coking Coal One Pty Ltd (formerly Bowen Coking Coal Pty Ltd), a wholly owned subsidiary of Bowen Coking Coal Ltd.
AQC has been issued AUS$1.250 million of ordinary shares (54,347,826 shares, approximately 11.6% of total ordinary shares post issuance) by Bowen Coking Coal Ltd as consideration for the tenements. The securities received by Australian Pacific Coal are subject to an escrow period of twelve months in accordance with ASX Listing Rules. Bowen Coking Coal Ltd has indicated their compliance to all of ASX’s pre-quotation requirements, and is expected to commence trading on the ASX in coming days.