EQiTX cancels S. Sumatra acquisition plan, eyeing E. Kalimantan coal projects
Tuesday, October 30 2007 - 01:26 AM WIB
Perth-based biotechnology firm EQiTX Limited which plans to turn to resources business announced on Monday that it had cancelled plan to acquire 80 percent stake in five coal exploration permit in South Sumatra and has opted to buy another mines in East Kalimantan.
The company said it had signed a Binding Term Sheet with a consortium that will enable the company to take a 70% interest in three coal permits in Paser Penajam Utara regency, East Kalimantan.
Under the deal, the company will pay a fully refundable deposit of US$2 million to Mega Coal, the owner of the permit within the next two weeks and will carry out detailed due diligence on these permits (at a cost of up to $US500,000) to verify the information provided to the company regarding the prospectivity and ownership of the mining permits. (alex)