scone.com.auNext Step in Dartbrook Acquisition
AUSTRALIAN Pacific Coal Limited announced to the market today the first extension notice for $20 million in convertible loans from Mr Paspaley and Mr Robinson have been accepted.
The statement from the company said they were pleased they remained on track to meet the conditions for the Dartbrook acquisition.
The Company will seek approval from shareholders for the conversion of the loans and granting of security be extended from October 24, 2016 to January 31, 2017, however if the approval is not granted or is delayed the Company intends to apply to the Australian Stock Exchange for a waiver to permit the Company to grant the security interests.
At the general meeting, the date of which is yet to be announced, shareholders will be asked to approve the grant of security to Trepang Services for a $5 million loan to purchase Marubeni Coal’s 16.67% interest in Dartbrook.