CEO - C@ Limited
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MONGOLIAN COAL ACQUISITION• Option to acquire substantial Mongolian coal licences from international coal developer
• 8 licences well located with access to existing infrastructure
• In‐country technical team established and ready to commence
C @ Limited (“CEO”) is pleased to announce 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 8 highly prospective coal exploration licenses in the South Gobi, near the Chinese border, and adjoining Ovorhangay province in southern Mongolia. The licences in
Ovorhangay are close to existing mining operations.
This strategic acquisition is the first step in CEO’s strategy to actively acquire and develop high quality coking and thermal coal interests in Mongolia. CEO has the structure and
technical team in place to successfully develop these assets.
Managing Director Mr Mark Early said: “I am delighted to announce that we have secured an exclusive option on a number of coal licenses in the South Gobi and Ovorhangay provinces that are well located to existing market infrastructure, and are a good fit for CEO. Notably the licenses are unencumbered and allow us to acquire the full licence rights. “
The option period commenced on 19 April 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. The due diligence process will include a significant mapping, drilling, trenching and coal sampling program. CEO will provide further announcements on its findings over the course of the due diligence period.
CEO has made a non‐refundable payment of US$100,000 as consideration for entering into the option agreement, which will be credited against the total acquisition price.
If CEO exercises its option to acquire the coal licences, completion will occur once the parties have negotiated and signed a sale and purchase agreement and CEO has made the final consideration payment of US$7.7 million.
• 8 licences well located with access to existing infrastructure
• In‐country technical team established and ready to commence
C @ Limited (“CEO”) is pleased to announce 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 8 highly prospective coal exploration licenses in the South Gobi, near the Chinese border, and adjoining Ovorhangay province in southern Mongolia. The licences in
Ovorhangay are close to existing mining operations.
This strategic acquisition is the first step in CEO’s strategy to actively acquire and develop high quality coking and thermal coal interests in Mongolia. CEO has the structure and
technical team in place to successfully develop these assets.
Managing Director Mr Mark Early said: “I am delighted to announce that we have secured an exclusive option on a number of coal licenses in the South Gobi and Ovorhangay provinces that are well located to existing market infrastructure, and are a good fit for CEO. Notably the licenses are unencumbered and allow us to acquire the full licence rights. “
The option period commenced on 19 April 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. The due diligence process will include a significant mapping, drilling, trenching and coal sampling program. CEO will provide further announcements on its findings over the course of the due diligence period.
CEO has made a non‐refundable payment of US$100,000 as consideration for entering into the option agreement, which will be credited against the total acquisition price.
If CEO exercises its option to acquire the coal licences, completion will occur once the parties have negotiated and signed a sale and purchase agreement and CEO has made the final consideration payment of US$7.7 million.
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closed 6.2c ... nice for those who have stuck in there since november ..
could be a lot more upside dependent on these mongolian coal options having any coking coal ...
could be a lot more upside dependent on these mongolian coal options having any coking coal ...
Mongolia Coal Peer Comparison and Coking Coal M&A
Mongolia Coal Peer Comparison
Here is an update of current market caps of ASX listed coal developers/explorers with coal assets/options to acquire coal assets in Mongolia:
I show this comparison to highlight that CEO is "cheap" should coal, either coking or SS or thermal be confirmed in the current dd process, which includes a significant amount of drilling.
$454M Guildford (GUF)
$450M Aspire (AKM)
$380M Hunnu (HUN)
$93M Xanadu (XAM)
*$25M CEO @ (CEO)
Coking Coal M&A
CEO hasn't yet confirmed the presence of coking coal at its 8 untested licences, however coking coal industry dymanics continue to strengthen
http://www.bloomberg.com/news/2011-...national-coal-in-3-4-billion-transaction.html
Arch Coal Inc. agreed to buy International Coal Group Inc. for $14.60 a share in an all-cash transaction valued at $3.4 billion to become the second-largest U.S. metallurgical coal producer.
Coking coal transactions still ripe and happening, RIO/RIV not long ago, now to the USA
Next destination: Mongolia!
Mongolia Coal Peer Comparison
Here is an update of current market caps of ASX listed coal developers/explorers with coal assets/options to acquire coal assets in Mongolia:
I show this comparison to highlight that CEO is "cheap" should coal, either coking or SS or thermal be confirmed in the current dd process, which includes a significant amount of drilling.
$454M Guildford (GUF)
$450M Aspire (AKM)
$380M Hunnu (HUN)
$93M Xanadu (XAM)
*$25M CEO @ (CEO)
Coking Coal M&A
CEO hasn't yet confirmed the presence of coking coal at its 8 untested licences, however coking coal industry dymanics continue to strengthen
http://www.bloomberg.com/news/2011-...national-coal-in-3-4-billion-transaction.html
Arch Coal Inc. agreed to buy International Coal Group Inc. for $14.60 a share in an all-cash transaction valued at $3.4 billion to become the second-largest U.S. metallurgical coal producer.
Coking coal transactions still ripe and happening, RIO/RIV not long ago, now to the USA
Next destination: Mongolia!
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moving now, up 14%, no news today, but speculative money back for a look
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wow great result for a backdoor shell play .. about 500% in 9 months. ..
and still more to come..
and still more to come..
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18c today and still looking strong ... I i had just let my profits run .....
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On 11th July 2011 CEO were 18c and they now struggle at a lowly 4.2c and under pressure, at least up to the close on 30th of November: Then comes the placing and rights issue led suspension telegraphed on Boardroom radio -- so far poorly managed but we must wait and see.
They can't pull a rabbit out of a hat as that's now gone astray and the rabbit with it -- what price now this placing - ?????????????????
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C@ Limited (CEO) is now known as Draig Resources Limited (DRG).
Discussion of this company continues in the DRG thread: https://www.aussiestockforums.com/forums/showthread.php?t=23978
Discussion of this company continues in the DRG thread: https://www.aussiestockforums.com/forums/showthread.php?t=23978
