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The purchase price of $24.3 million is to be affected by the allotment of 607.5 million ordinary shares in Zamia (post a 1 for 10 consolidation) at an issue price of $0.04 per share. Zamia has also raised $250,000 in a debt facility which will be converted into ordinary shares that will provide working capital to be used primarily to meet costs related to the transaction. The mining permit is located in the Barito Basin on the island of Borneo in the coking coal province of Central Kalimantan, which accounts for over half of the known coal reserves in Indonesia.
Zamia Metals Ltd (ASX:ZGM) has been granted a trading halt by the ASX pending a material change in the nature of the business. The halt will remain in place until the opening of trade on Monday 3rd October 2016, or earlier if an announcement is made to the market.