Cougar Energy has secured US$1 million in funding from Singapore-based private investor Twinkle Woods Ltd for general working capital. Cougar, which is changing its name to Moreton Resources, has drawn down the first US$850,000 from the loan.
The funding commitment is structured as a secured loan until November 18 with:
- An interest rate of 12.5% per annum;
- Conversion into a placement of 100 million new shares at $0.001 each;
- Balance plus interest on the loan converts into senior secured convertible notes; and
- Notes have a 12-month maturity date, a coupon of 12.5% per annum and a conversion price of Aus$0.001 each into new Cougar shares.
This is the first investment in the Australian market for Twinkle Woods, which has diversified investment interests in real estate, energy, forestry, agriculture and coal mining.
“After obtaining the requisite approvals, this investment provides Cougar with certainty whilst we progress with coal projects in Queensland,” says Cougar’s chairman Andrew Matheson said. “It also gives us access into important Asian coal markets and potential for existing initiatives in Indonesia as well as new areas where our capabilities may leverage off Twinkle Woods’ business interests in the region.”
The company recently delivered a maiden inferred JORC resource of 201 million tonnes for its wholly-owned Mackenzie PCI Coal Project in the Bowen Basin, Queensland, between the producing Jellinbah and Yarrabee open-cut mines that are long-term producers of PCI grade export coal. A scoping study is under way.
In other company news, Cougar has appointed Eva Armila Djauhari as a non-executive director. Djauhari has extensive experience in Indonesia’s resources sector. Her knowledge of its regulatory and commercial landscape, according to company officials, will enhance business value as Cougar advances its regional initiatives.