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C @ Limited Announces Mongolian Coal Acquisition
April 20 (Reuters Key Development) C @ Limited (CEO) announced that it has entered into a binding and exclusive agreement with an international coal developer that has a significant position in the coking and thermal coal industry in Mongolia.
The agreement provides CEO with an option to acquire eight highly prospective coal exploration licenses in the South Gobi, near the Chinese border, and adjoining Ovorhangay province in southern Mongolia.
The licenses in Ovorhangay are close to existing mining operations. The option period commenced on April 19, 2011 and will continue for a period of 10 weeks, during which time CEO will complete due diligence on the licenses to the extent it deems necessary prior to exercising the option.
If CEO exercises its option to acquire the coal licenses, completion will occur once the parties have negotiated and signed a sale and purchase agreement and CEO has made the final consideration payment of USD 7.7 million.
A 1% royalty based on the free on board, mine load out, value of any coal mined from the license areas is also payable as part of the acquisition.
"Mogi" Munkhdul Badral
CPS International LLC
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Central Tower · 12th Floor · Left Wing · 2 Sukhbaatar Square
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CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.
CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.