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ASX Announcement
9th January 2012
Liberty notified of $20 million funding agreement for Cuesta Coal IPOASX: LBY USA OTC QX: LRTYY Frankfurt: A0B9HB
Further to previous announcements, Liberty Resources is
pleased to announce that it has received notice that Cuesta
Coal Ltd ("Cuesta") has executed a $20 million funding
agreement for its anticipated IPO.
In 2011, Liberty agreed to vary its Agreement with Cuesta's
wholly owned subsidiary Blackwood Coal Pty Ltd ("Blackwood")
whereby instead of receiving $2million worth of shares in the
IPO of Cuesta (plus a 20% premium if escrowed), Liberty would
receive
$1,200,000 cash if an IPO was achieved by 31 December.
Liberty expects to finalize an
extension to the timing based on the revised listing date in
the near future.
Liberty shareholders approved the Blackwood/Cuesta
transaction at the Extraordinary
General Meeting held in December.
Cuesta has reached conditional agreement with Beijing Guoli
Energy Investment Co. Ltd ("Guoli") and its related entities
where Guoli has agreed to invest in Cuesta subject to the
completion of satisfactory due diligence. The investment is
for a total AUD$20 million and is proposed to be made in two
stages:
