Hanford is a Hong Kong based Investment Company with a focus on International Mining Investments.
The first stage of the share placement involves the issue of 50 million shares at $0.11 with settlement to be completed on the 30th of October 2013.
The second stage involves the issue of 25 million shares at $0.116 with settlement to be completed on the 30th of November or when FIRB approval is obtained.
Pursuant to the Agreement Hanford is entitled to nominate a Director to the Board of Cuesta Coal.
Funds from the placement will be used predominantly for the continued development of the Company’s flagship Moorlands project which is located adjacent to the Blair Athol and Clermont Coal Mines in the Western Bowen Basin of Queensland.
Cuesta is currently finalising a 50 hole exploration program at Moorlands and is targeting to commence a feasibility study in Q1 of 2014 for a 2 million tonne per annum 30 year coal mine.
Cuesta Coal Managing Director Matthew Crawford commented: "We are pleased to have executed this placement agreement with Hanford. They are very professional and understand the Mining Industry and will be a welcome addition to our shareholder base as we move into a phase of adding significant value to our assets, namely Moorlands. This funding provides Cuesta with financial flexibility to progress the development of Moorlands."
