Company Announcement: Cancellation of Options and Share Rights
This article has been supplied.
Endocoal Limited has received executed cancellation agreements from all holders of outstanding options and share rights in Endocoal. Completion of these agreements satisfies the 50% threshold specified as a condition precedent (see clause 3.1(j)) in the Scheme Implementation Agreement (SIA) executed with U&D Mining Industry (Australia) Pty Ltd (U&D Mining) on 26 October 2012.
Transaction Update
Endocoal and U&D Mining continue to work collaboratively to ensure the remaining conditions outlined in the SIA are satisfied in a timely manner. As announced to ASX in December 2012, U&D Mining has commenced proceedings to satisfy and obtain all relevant Chinese approvals necessary to complete the transaction. Endocoal and U&D Mining remain confident that completion of the transaction is on track for expected completion in March 2013. Endocoal will provide further updates on progress of the transaction as necessary.
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