July 1, 2020
Creditors of Moreton Resources and its subsidiary companies – placed into voluntary administration on June 11 – will meet on July 6 to consider expressions of interest in acquiring the company’s assets.
These assets comprise Moreton’s silver and coal interests, including the Mineral Development Lease and Exploration Permit for the proposed open cut coal mine in Kingaroy.
Administrators Deloitte informed the ASX on June 26 they had begun a process to sell or recapitalise the Moreton group and were seeking urgent expressions of interest.
The deadline for Deloitte to receive “Non-Binding Indicative Offers” (NBIOs) for either the recapitalisation of the group or the acquisition of its assets (in full or part) was 5:00pm on Monday.
“Qualified parties will be shortlisted and provided with an opportunity to submit a final binding offer or recapitalisation proposal,” the statement to the ASX concluded.
A Deloitte spokesperson confirmed on Wednesday offers had been received and would be put to the creditors’ meeting.
In February, Moreton informed the ASX it had withdrawn its Mining Lease Application (MLA 700015) for the proposed Kingaroy coal mine.
However, it would retain the Mineral Development Lease (MDL 385) and Exploration Permit For Coal (EPC 882) over the project area.