Australian exploration company, Metal Bank Ltd (MBK) is pleased to announce that it has offered to acquire (subject to conditions) 100% of the issued capital of Scott Creek Coal Pty Limited, a company which has a number of tenements located in the Bowen Basin of North Queensland. Scott Creek currently holds a portfolio of five coal exploration tenements situated within Queensland’s premier northern Bowen Basin region. Scott Creek’s tenements cover a total area of approximately 42 sq. km. The tenements are all well located close to or directly adjacent to existing coking and producing coal mines within the region.
MBK Chairman, Vince Fayad commented, “the proposed transaction represents an excellent platform for the Company to enter the lucrative Queensland coal market and is expected to assist in taking the Company to a new level.”
Based on full acceptance of the Offer and satisfaction of the conditions precedent, Metal Bank will, upon completion, issue to Scott Creek shareholders of a total of 57,125,000 new Metal Bank ordinary shares. Subject to the award by the Queensland Department of Employment, Economic Development and Innovation of the grant of EPC 2636 and EPC 2641 in the name of the Company or Scott Creek, the Company will issue a further 20,000,000 new Metal Bank ordinary shares.