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JATCORP LIMITED — Capital/Financing Update 2013
Jul 21, 2013
65154_rns_2013-07-21_aa21cbe2-da1d-4c15-b481-6ad8214b1d0e.pdf
Capital/Financing Update
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JATENERGY LIMITED
ABN 31 122 826 242
ASX CODE: JAT
AUSTRALIAN REGISTERED OFFICE
Floor 6, Suite 8 55 Miller Street PYRMONT NSW 2009 AUSTRALIA
CONTACT DETAILS
Telephone +61 2 9571 8300 Facsimile +61 2 9571 8200 Email [email protected] Web www.jatenergy.com
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ASX ANNOUNCEMENT
22 July 2013
JATENERGY SIGNS CONDITIONAL AGREEMENT FOR SALE OF THE COAL SOIL BRIK PROJECT
HIGHLIGHTS
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Conditional Share Sale and Purchase Agreement signed.
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Initial payment of USD$200,000 has been made.
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Proposed sale in line with company’s strategy of divesting long-term assets to focus on currently producing coal assets .
The board is pleased to announce that the Conditional Share Sale and Purchase Agreement for the sale of PT Coal Soil Brik (CSB) to PT Prakarsa Corporindo was signed on 17 July 2013. This replaces an expired conditional agreement with another Indonesian company.
Summary of Sale Offer and Acceptance
Jatenergy has agreed to the sale of 100% of the Coal Soil Brik to PT Prakarsa Corporindo. The purchase price of USD$2,000,000 will be paid by Prakarsa, with no additional management consulting fee or royalty payment, and no payable commitment in the future. Prakarsa has made an initial payment of USD$200,000 and will have six (6) months to complete the transaction.
Under the agreement, the remaining purchase price has to be paid subject to Jatenergy’s fulfilment of the Conditions Precedent (“CP’s”) within a period of three (3) months. The principle CP’s for CSB sale are:
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CSB details on regulatory and corporate matters, preparation of shareholder registrations, details of government approvals and company registration, provision of CSB company financial statements, an announcement in national Indonesian newspaper of the CSB sale, formal notification of CSB employees and evidence of a CSB General Meeting of Shareholders
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Internal consents of CSB Sellers
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Third Party consent as and if required from Indonesian Government, with a Warranty that the CSB sellers have not entered into any undisclosed commitments
Once the CP’s have been satisfied, the remaining purchase price of USD$1,800,000 will be paid by 17 December 2013. Of this payment Jatenergy will earn 80% minus costs and associated expenses. If the CP’s are not fulfilled within the agreed three (3) month period, Prakarsa has the rights to waiver the CP’s outstanding or extend the period for the CP’s fulfilment. Otherwise the agreement can be terminated and the initial payment refunded.
Coal Soil Brik Project
On 14 March 2011, Jatenergy attained 80% ownership of CSB after completing its acquisition of Blackrock. The project exists as a long-term asset and is located in Katingan, Indonesia.
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Location of the CSB Project, Katingan Coal Outcrop waterfall in a creek line, Zone B CSB
About Jatenergy
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Jatenergy Limited is a Sydney-based diversified energy company operating in both Australia and Asia. Jatenergy’s strategic focus is on producing cash returns from its coal and jatropha assets as well as implementing the proprietary Coal Plus technology for upgrading low-grade coal into high value energy products.
Media and management contact
Tony Crimmins +61 2 9571 8300 [email protected]
About Jatenergy Jatenergy Limited is a Sydney-based diversified energy company operating in both Australia and Asia. Jatenergy’s strategic focus is on producing cash returns from its coal and jatropha assets as well as implementing the proprietary Coal Plus technology for upgrading low grade coal into high value energy products.
Directors Jatenergy Limited Tony Crimmins ABN 31 122 826 242 Executive Chairman ASX code Richard Pritchard JAT Non-Executive Director Ordinary fully paid shares Mr Xipeng Li 98,565,568 Non-Executive Director Mr Wilton Yao Listed options Alternate Director 31,898,547