Celsius Coal (ASX:CLA) has completed the acquisition of an 80% interest in three prospective coal tenements located in the Uzgen Coal basin in Kyrgyzstan (Tuyuk-Kargasha, Kokkia and Min-Teke).
The interest is held via Kokkia’s 100% ownership of two Kyrgyzstan entities, Panj-Sher Ank Ltd and Baidamar Ltd, which together hold the Tenements.
As consideration, the company has now allotted and issued 500,000,000 fully paid ordinary shares and 900,000,000 Performance Shares pro-rata to the shareholders of Kokkia by way of part consideration for the acquisition.
Celsius will carry out a confirmatory drill program to test the Exploration Target of coal already defined on the Tenements.
Celsius believe it will be able to delineate JORC resource at the completion of drilling.
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