In CAN scheint wieder ein bißchen Leben in die Aktie zu kommen.
2010-09-03 21:06 ET - News Release
Mr. Simon Tam reports
OPTION TO ACQUIRE THERMAL COAL PROPERTIES IN PAKISTAN
Cooper Minerals Inc. has entered into an option agreement with Gul Asghar Khan to acquire a 60-per-cent interest in certain thermal coal properties located in Pakistan. The properties consist of 2,230 acres of land, and an application for an additional 200 square kilometres, for the exploration and production of coal located within the Navel and Planna, and Karjai villages, Kotli tehsil and district, state of Azad Jammu and Kashmir (AJK), Pakistan.
Pakistan ranks seventh amongst the top-20 countries of the world so far as coal resources are concerned. Pakistan's coal reserves are 97-per-cent lignite rank, and vast deposits of these occur in the AJK and Thar areas. The company can acquire the interest by making cash payments totalling $500,000 (U.S.), incurring exploration expenditures of $2-million (U.S.) on the properties over a three-year period and issuing four million common shares from treasury upon receipt of TSX Venture Exchange approval for this transaction.
Private placement financing
The company has entered into a private placement for the sale of 22 million units at a price of five cents per unit for a total of $1.1-million. Each unit will consist of one common share and one share purchase warrant for the purchase of one further common share of the company within five years, at the price of 10 cents per share for first year, 15 cents per share for the second year, 20 cents per share for the third year and 30 cents per share for the fourth and fifth years.
These transactions are subject to regulatory approval. The maximum allowable finder's fee shall be paid in shares and cash with regard to the deemed benefit derived from the agreement and the private placement financing as per the TSX Venture Exchange's policy guidelines.
Incentive stock options
The company also announces the granting of two million incentive stock options to certain directors, officers and consultants. These options are exercisable for up to five years at a price of 25 cents per share.
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