Epic to acquire two Kalimantan coal concessions
Thursday, February 9 2012 - 01:16 AM WIB
Australia-listed firm Epic Resources Limited reported Thursday that it has entered into a conditional agreement to acquire two coal licences located in East Kalimantan.
The Agreement sets out the terms and conditions upon which Epic agrees to acquire up to 100% of the issued shares in Subi Cove Development Limited and Jilliby Investments Limited from the companies? respective shareholders (Vendors).
The Agreement relates to two exploration licences in the Long Bagun District, Kutai Barat Regency. The Project lies to the south-west of the Mahakam River and in close proximity to the Mamahak Village, an area known to produce semi-soft coking coal.
The company will, subject to completion of satisfactory legal and technical due diligence and the receipt of shareholder approval, pay an initial consideration to the value of A$800,000 by issuing to the Vendors 4,000,000 fully paid ordinary shares in Epic at a deemed issue price of A$0.20, a 90% premium to the last traded price of A$0.105.
The Project is located in the Kutai Barat Regency, East Kalimantan, and lies to the south-west of the Mahakam river and in close proximity to Kangaroo Resources Ltd's current area of operation.
The Project consists of two exploration licences, covering a total land area of 15,500Ha.
| Licence ID | Tenement | Area (HA) | Name | Status | Date Granted | Expiry Date |
| 545/K.357a/201 | PT. Tata Borneo Wikajaya | 5,500 | TBW | Exploration | 12/04/20011 | 12/04/2014 |
| 545/K.355c/201 | PT. Buana Kharisma | 10,000 | TBK | Exploration | 12/04/2011 | 12/04/2014 |
Editing by David Mustakim