Jameson Resources has exited a voluntary trading suspension after announcing two separate deals to acquire coal assets in northeast British Columbia, Canada likely to be popular with investors.
The company which requested a voluntary suspension from the ASX on Monday has entered into a sale and purchase agreement to acquire Dunlevy Energy which holds the Dunlevy coal project located in the Peace River Coalfields.
Jameson will settle the deal with a CAD 51,000 payment to each Dunlevy shareholder totaling USD 153,000 and the issue of 4 million non voting, convertible, redeemable, preferred shares to each shareholder, totaling 12 million. These shares will be exchangeable for fully paid ordinary shares in Jameson on a one for one basis, upon the meeting of certain milestones. Jameson shares were last trading at AUD 0.14 valuing the shares at around AUD 1.68 million.
Meanwhile, Jameson has also entered into a binding letter of intent to acquire certain assets of Nexx Coal including the Graham River, Peace Reach and Carbon East coal projects which are also located in the Peace River Coalfields. Jameson will reimburse Nexx’s licence application fees of CAD 132,700.50 and issue 10 million non-voting, convertible, redeemable, preferred shares. Again, these shares will be exchangeable for fully paid ordinary shares in Jameson on a one-for-one basis, upon the meeting of certain milestones.
1. The assets
The Dunlevy and Nexx projects comprise approximately 46,700 hectares of exploration ground. The projects overlie the north-west extension of the Peace River Coal Fields District of northeast British Columbia. Some of Canada major coking coal and pulverized coal injection coal mines Willow Creek, Brule, Wolverine and Trend are located along strike from the property.
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