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Tinkler takes a stake in Jameson

7th November 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Jameson Resources has welcomed a A$10-million investment by mining personality Nathan Tinkler through his Oceltip Coal companies.

The placement will consist of more than 86.6-million shares, which will be placed in two tranches of 43.3-million each, with the first tranche issued on November 4 and the second three months later.

The placement represents a subscription price of 11.55c a share, which is a premium of 70% above Jameson’s 15-day volume weighted average share price immediately prior to the placement agreement.

Following the share placement, the Oceltip Coal companies will hold a 19.92% share in Jameson.

“The board is extremely pleased with the strong support shown by Oceltip Coal 1 & 2 in this Placement and the funds raised will allow the company to continue to advance the Crown Mountain hard coking coal towards critical approvals and development,” said Jameson chairperson Nicole Hollows.

She said that Tinkler’s ability to identify quality undervalued coal projects and progress development plans to create significant value for shareholders had been clearly demonstrated with the successful development and ongoing operation of the Middlemount and Maules Creek projects.

“We are pleased that he recognises the substantial quality and underlying value of the Crown Mountain project and the significant progress we are making in progressing toward development.”

Funds raised from the placement will be used to progress the environmental assessment application and permitting process for the Crown Mountain project, and to engage with key target Asian steelmaking customers and with project financiers. The company will also use funds to assess potential strategic investment or acquisition opportunities.

“The current market conditions highlight the distinct lack of quality steelmaking coal projects that are being developed to meet long-term demand. The Elk Valley coal measures in British Columbia, where Crown Mountain is located, rank alongside the Moranbah coal measures in Queensland’s Bowen basin as two leading sources of premium low-volatile hard coking coal keenly sought by the world’s leading steelmakers,” Tinkler said on Monday.

“I have followed the progress of the development of Crown Mountain for a number of years and am very satisfied that the Jameson management team has progressed the project to being clearly one of the most advanced steelmaking coal development projects in Canada.

“Having previously worked closely with Hollows and Jameson MD Michael Gray on the successful Middlemount mine development, I am very confident that the Jameson board, and the management team in Canada, has the right critical development skills to progress the permitting, financing and development of Crown Mountain. The progress and premium quality of Crown Mountain provides Jameson as an ideal platform for other steelmaking coal development opportunities.”

Edited by Creamer Media Reporter

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