Adavale director to become majority stockholder of RI unit
Tuesday, July 31 2012 - 10:30 AM WIB
Haryono Eddyarto, Director of ASX listed Adavale Resources Limited, has on July 31, 2012 signed a share sale agreement with one of its two Indonesian units PT Adavale Harner Resources (AHR) to assume the company's US$300,000 financial obligation, subject to BKPM approval.
Upon completion of the agreement, Eddyarto will obtain additional 300 shares in AHR on receipt of BKPM?s approval, accumulating to a total of 900 shares at the nominal value of US$900,000 or accounting to 60 percent of the company's total share ownership. US$300,000 payment will be paid directly by Eddyarto to the Indonesian unit. The remaining 40 percent of the shares will be owned by Adavale Resources Limited, at the total of 600 shares worth US$600,000.
AHR previously signed an agreement to increase PT. Putra Batulicin Menbangun's (PBM) coal production in South Kalimantan, which 451 hectares concession located some 30 kilometers northwest of Batulicin currently produces 20,000 tons per month of 6300 gross cv coal. On completion of the agreement, AHR will carry out a drilling program to confirm geologist expectations, to be followed with mining activities.
The company has also signed a Memorandum of Understanding (MoU) with PT Indotama Bara Surya on PT Mada Perkasa's 496Ha concession some 20km north of Samarinda, East Kalimantan. The formal agreement that will follow the MOU is based on a Joint Operation with an 80/20 share of the profits. Legal and technical due diligence is in progress, said the company on a statement submitted to the Australian Stock Exchange.
Editing by Audy Er Zandry