Pepcap Resources acquires 51% of Asia Mining

By Romel S. Gurky

TSX-listed pool capital company Pepcap Resources Inc. (formerly Pepcap Ventures Inc.) announced Tuesday that it has closed the previously announced acquisition of 51 percent of the total issued and outstanding shares of Asia Mining Management B.V.

As a result of the completion of the transaction, Pepcap said it holds an indirect controlling interest in PT Krida Darma Andika, a 99.6 percent owned subsidiary of Asia Mining that owns mining concessions in Sumatra, divided into two coal blocks, including three coal concessions that are located in the Napal Putih and Putri Hijau districts of North Bengkulu Regency of Bengkulu Province.

The completion of the acquisition comes after the company earlier in May raised $650,000 in gross proceeds via private placement.

Subject to receiving final Exchange acceptance, the common shares of the corporation (Pepcap Shares) are expected to be reinstated for trading on the Exchange on or about May 20, 2015 under the new name ?Pepcap Resources Inc.? and under the trading symbol "WAV".

Editing by Reiner Simanjuntak