All Atrum Partly Paid Shares Paid In Full
Sydney, Nov 15, 2016 AEST (ABN Newswire) - Atrum Coal NL ("Atrum" or 'The Company") (
ASX:ATU) (ATRCF:OTCMKTS) is pleased to advise that, as per the Appendix 3b filed on 14 November 2016, the remaining 2,761,600 partly paid shares held by former director and founder, Mr Russell Moran, have been paid up, and that there are no longer any partly paid shares on issue in the Company.
This has allowed the Company to put forward a resolution at the upcoming Annual General Meeting for shareholders to vote on converting the Company from a No Liability to a Limited (Ltd) structure. Total consideration paid to Atrum for the shares was $552,298.
Bob Bell, Executive Chairman, commented: "Mr Moran agreed to resolve the outstanding partly paid shares in order for the Company to change its structure from a No Liability to a Limited company. Atrum expects this will increase the appeal of our shares to various types of investors. Mr Moran agreed to resolve the issue for the benefit of all Atrum shareholders. The Limited structure is a more well-known structure, particularly to off-shore investors with less exposure to the NL structure."
About Atrum Coal Limited
Atrum Coal Limited (ASX:ATU) is a metallurgical coal developer. The Company flagship asset is the 100%-owned Elan Hard Coking Coal Project in southern Alberta, Canada. Elan hosts large-scale, shallow, thick, hard coking coal (HCC) deposits with a current JORC Resource Estimate of 298 Mt (70 Mt Indicated and 228 Mt Inferred). Comprehensive quality testing of Elan South coal on samples from the 2018 exploration program, combined with review of substantial historical testwork data for the broader Elan Project, has confirmed Tier 1 HCC quality.
The initial focus for development is the Elan South area, which is located approximately 13 km from an existing rail line with significant excess capacity, providing direct rail access to export terminals in Vancouver and Prince Rupert. Elan South shares its southern boundary with Riversdale Resources Grassy Mountain Project, which is in the final permitting stage for a 4.5 Mtpa open-cut HCC operation. Around 30km to the west, Teck Resources operates five mines (the Elk Valley complex) producing approximately 25 Mtpa of premium HCC for the seaborne market.
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