TIAN POH BUYS MONGOLIAN COAL ASSET

Mongolia-focused miner Tian Poh Resources Ltd. has announced plans to buy a thermal coal project from Modun Resources Ltd. for USD2.2 million and undertake a capital raise to fund the acquisition. Modun previously planned to sell its Nuurst coal deposit in Mongolia to two unnamed Mongolian nationals for the same purchase price as Tian Poh’s.  However it never received a deposit for the sale and the deal was terminated. Tian Poh has paid a USD100,000 deposit for the acquisition.
Tian Poh has agreed to pay USD2.1 million upon closing of the transaction to acquire debt financing provided to the project. Tian Poh, which plans to immediately begin planning development of the project, said it was in discussions with a number of investors to participate in a private placement to assist with funding.

Source: www.businessnews.com.au