Update: The company is pleased to have prominent investment manager, Regal Funds Management as a shareholder who have been supportive since the pre-IPO capital raising.
Montem Resources Limited (ASX: MR1) owns the Chinook Properties, which comprise prospective metallurgical coal leases and freehold titles in southern Alberta and British Columbia, Canada. These properties are located in an active mining district and in close proximity to key mines of Teck Resources, a major exporter of Canadian coking coal.
Four of the Chinook Properties contain previous open-cut and underground mines. Montem Resources plans to re-establish mining at the Tent Mountain open-cut mine while exploring development opportunities at the other Chinook Properties. The objective for Montem Resources is to develop a regionally integrated coking coal mining complex in the Crowsnest Pass region, leveraging central infrastructure, and focusing on low cost development of open-cut coking coal mines. Montem Resources has brought together a team of technical and management specialists with extensive experience in coal mining in Canada and Australia, led by Peter Doyle and Bob Bell.
Montem Resources Limited is seeking to raise between $15 million and $20 million and will have an estimated undiluted market capitalisation of approximately $55.8 million at maximum subscription.
The funds raised under the Offer will be primarily directed to:
The Chinook Properties are six discrete projects located on the front ranges of the Canadian Rocky Mountains in southwestern Alberta, Canada (with Tent Mountain also straddling the Alberta-British Columbia border) and are mostly brownfield projects having supported prior mining. They are:
Resource estimates have been completed for the Tent Mountain, Chinook North, Chinook South and Vicary - Racehorse projects. Each of these projects contain JORC Code 2012 classified Coal Resources.
The Montem Resources board and management possess significant experience in ASX-listed coal companies, and in the development and operation of coal mining assets. These include:
You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 8 of the prospectus, Montem Resources Limited is subject to a range of risks, including but not limited to approval and licences, road and infrastructure access, additional capital requirements and environmental risks.
Section 734(6) disclosure: The issuer of the securities is Montem Resources Limited ACN 623 236 831. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).
OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.
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Montem Resources Limited (ASX:MR1) is a coal mine development company with metallurgical coal properties in Canada, known as the Chinook Properties. These properties are adjacent to Canada’s primary metallurgical coal export region in Alberta and BC, all of which have good access to rail, port and other critical infrastructure. Metallurgical coal is an essential ingredient in producing steel.