Canadian firm eyeing Kalimantan coal mines acquisition

Calgary-based firm Challenger Deep Capital Corp. announced on Monday that it is in the process of completing the final steps in acquiring an Indonesian company which will act as its wholly owned subsidiary for subsequent Indonesian coal project acquisitions and exploration.

Challenger is investigating and evaluating several coal exploration projects in East Kalimantan, it said.

The coal projects are typically held by Indonesian companies and the method of acquisition is typically by means of conditional share purchase or share purchase option agreements, with staged option or purchase payments over an 18 month period, it added.

It did not give further detail.

The Company is in the process to change its name to Challenger Deep Resources Corp. (alex)