Business
Proposed transaction for Trefi Coal with Carder...
Proposed transaction for Trefi Coal with Carder....
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n \n\nNews Release\n\nNovember 17, 2011\n\n Anglo Pacific Group PLC\n Proposed transaction for Trefi Coal with Cardero Resource Corp.\n\nAnglo Pacific Group PLC (''Anglo Pacific'') (LSE: APF) (TSX: APY) announces today that it has agreed to a proposal\nwith Cardero Resource Corp. (\"Cardero\") for Cardero to acquire up to 100% of Trefi Coal Corporation (\"Trefi\").\nTrefi is a wholly owned subsidiary of Anglo Pacific and holds the Trefi Coal Property in the Pine River area,\nnortheast British Columbia, Canada.\n\nThe main terms of the proposal are as follows:\n\n * Cardero will be granted an option to acquire 50% of Trefi following delivery of a bankable feasibility\n study within four years, for total consideration of C$3.5million and 500,000 common shares of Cardero.\n\n * For a further payment of C$6million, Cardero will be granted an additional option to acquire the remaining\n 50% of Trefi, following a decision to mine.\n\n * Anglo Pacific will retain a 3% gross revenue royalty over the project.\n\n * Cardero will issue 1 million warrants to Anglo Pacific exercisable at C$1.40 per share for a period of 18\n months.\n\n * The proposed transaction is subject to settlement and execution of formal documentation and the approval\n of the Toronto Stock Exchange.\n\nCommenting on this transaction, John Theobald, Chief Executive Officer of Anglo Pacific, said:\n\n\"Anglo Pacific is very pleased to be working with Cardero on the development of Trefi. Cardero brings extensive\noperating coal expertise gained in British Columbia and this project will complement Cardero's development of its\nnearby Carbon Creek metallurgical coal property. We will receive an upfront cash payment recognizing the work and\nexpense to date on Trefi and will hold a valuable royalty over the life of the project.\"\n\nFor further information:\n\nAnglo Pacific Group PLC +44 (0) 20 3435 7400\n\nPeter Boycott, Chairman\nJohn Theobald, Chief Executive Officer\nChris Orchard, Chief Investment Officer\n\nWebsite: www.anglopacificgroup.com\n\nLiberum Capital +44 (0) 20 3100 2000\n\nChris Bowman\nChristopher Kololian\n\nPelham Bell Pottinger +44 (0) 20 7861 3232\n\nLorna Spears\nJames MacFarlane\n\nNotes to editors:\n\nAnglo Pacific Group PLC (\"Anglo Pacific\") is a global natural resources royalties company. The strategy of Anglo\nPacific is to expand its mineral...