[CPSI NewsAlert: C@ Agrees to Acquire Coal Licenses, Renaming to Draig Resources, Shares Suspended]

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ASX trading halted due to technical glitch. CEO shares suspended until 28 October due to this announcement

C @ EXECUTES AGREEMENT TO ACQUIRE MONGOLIAN COAL LICENSES

October 27, C @ Limited (ASX:CEO) --

HIGHLIGHTS

•      C @ signs a Share Sale Agreement to acquire eight highly prospective Mongolian coal licences for US$7.8million, located in the Ovorhangay and South Gobi provinces

•      Region characterised by a number of recent major black coal discoveries on the doorstep of the expanding Chinese steel and energy markets

•      "Teeg" licence located in the Ovorhangay province of significant interest after C @ intersected two massive black coal seams containing coking properties

•      Phase II of the exploration program which will include geophysics and further drilling, to commence immediately following the completion of acquisition

•      Company to raise majority of funds via institutional placement, In conjunction with a priority share issue being offered to existing eligible shareholders

•      Proposal to re-name company to Draig Resources limited

•      Shareholders to vote on proposals at Annual General Meeting to be held on 30 November 2011

…

Link to release

Link to suspension notice

 

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"Mogi" Munkhdul Badral

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CPS International LLC

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CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.

 

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