TPL Corporation to Raise up to $1.42 Million The Directors of TPL Corporation Limited (TPL) are pleased to advise that the Company has resolved to raise up to $1.42 million through the placement of up to 78.9 million ordinary shares at an issue price of 1.8 cents per share to sophisticated and professional investors. The funds raised pursuant to the placement will be used to progress 1. Growth strategy of identification and acquisition of underexplored and undervalued mineral assets, particularly coal assets in Mongolia and 2. Ongoing coal exploration within the Canning Basin, Western Australia. With recent signing of Native Title Agreements in the Canning Basin these added funds will enable us to progress with obtaining required heritage clearances and subsequent onground exploration and also place TPL in a better position for pursuing our growth strategy, focussed on Mongolian coal opportunities Managing Director Mark Gunther commented. The Placement will be issued pursuant to the Companys 15% capacity under ASX Listing Rule 7.1. About TPL Corporation TPL Corporation is predominantly a mineral resource exploration company focusing on the commodity coal.
TPL has approximately 7000 km2 of granted tenure within the Canning Basin of Western Australia. The Canning Basin is an emerging Permian Coal Province with considerable potential as confirmed by Rey Resources Ltds (REY) recent positive definitive feasibility study, delineation of a 536 Mt thermal coal resource and estimated exploration target of 9 to 11 Bt (REY ASX, Apr June 2011). REYs project lies to the west of TPLs tenement holding.
TPL considers its tenement holding to be just as prospective as REYs but grossly underexplored for coal. The Permian Bowen and Sydney Basins in eastern Australia contain approximately 30 Bt of coal each. TPL considers that given recent developments and the considerable potential that has already been highlighted, the Canning Basin is strategically located to take advantage of the burgeoning long term demand for thermal coal from both India and China. In comparison to coal exporting ports on the east coast of Australia the Canning Basin is approximately 6 to 9 days closer by ship to these developing fast growing economies. For further information please contact Mark Gunther, Managing Director Hugh Warner, Chairman Tel (08) 9217 3300.
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Proposed Placement to Raise up to $1.42 million