SPARC TECHNOLOGIES LIMITED Period Ended 31 December 2014
HIGHLIGHTS
Comet Ridge Project Mining Lease application substantially complete
Acacia protected its interests in the Triumph Creek Infrastructure Agreements
Acacia progressing 2013-14 R & D cash back claim
Cash at bank of $2.9 million
COMET RIDGE PROJECT (EPC 1230)
Acacia Coal Limited (Acacia) is aiming to develop a low capital, shallow open cut mining operations at Comet Ridge, producing semi hard coking and thermal coals.
The 2013 Pre-Feasibility Study confirmed the Comet Ridge Project (EPC 1230) is feasible.
QUARTERLY ACTIVITY SUMMARY Comet Ridge Mining Lease application
Acacia continues to progress the Mining Lease application for its Comet Ridge Project. The Environmental Impact Management Report, which supports the Comet Ridge Mining Lease application, is in final draft. The preferred lodgement timing is after the passing of proposed amendments to the Mineral Resources Act.
Triumph Creek Infrastructure Agreements
In September 2014 the Board of Bandanna Energy Limited placed the Group under Voluntary Administration, and in October 2014, its subsidiary Springsure Creek Coal Pty Ltd was placed into Receivership. Acacia continues to maintain its interests in the Springsure Creek Coal Infrastructure Mining Lease applications, which are located over Acacia's Comet Ridge EPC 1230 and associated with the proposed Comet Ridge Project. Acacia has a Caveat over the transfer or assignment of these Infrastructure Mining Lease applications.
Coal Dry Processing R&D 2013-14
Acacia is continuing its research and development work on dry processing techniques which aim to significantly lower the processing costs and improve economic value of the Fair Hill sequence coals. To date Acacia has received over $550,000 in tax refunds to assist with this work. The 2013-14 claim
will be submitted in early 2015.
Acacia Coal Limited Registered & Principal Office ABN 13 009 092 068 Suite 2, Level 19, Tower A, The Zenith, 821 Pacific Highway www.acaciacoal.comChatswood, NSW 2067 Australia Email: info@acaciacoal.com PO Box 758, Chatswood NSW 2057Australia ASX: AJC Telephone: 1300 222 625 Facsimile: +61 2 9475 0869
CORPORATE
Cash Management
Acacia is undertaking a review of its strategy in light of the coal market, and implementing a cost reduction initiative. Acacia has sufficient cash to maintain the business until at least the end of 2017.
At 31 December 2014 Acacia held $2.9 million cash-at-bank.
Release Date: 29 January 2015
For more information, please contact:
Gavin May Managing Director T: 1300 222 625
E: gavin.may@acaciacoal.com
Robert Waring
Company Secretary / CFO T: 1300 222 625
E: robert.waring@acaciacoal.com
ACACIA at a GLANCE
Acacia Coal Limited is involved in coal exploration and development. The Company identifies, acquires and exploits opportunities in coal resources to provide coking thermal and coal suitable for the export market.
Schedule of Tenements as at 31 December 2014
The Company has a 100% interest in a coal exploration permit covering approximately 80 km² in Queensland's Bowen
Basin, being EPC 1230 Comet Ridge.
ASX Listing Code: AJC
Directors | Management | ||
Mr Kym Livesley | Non-Executive Chairman | Mr Robert Waring | Chief Financial Officer |
Mr Gavin May | Managing Director | Mr Graham Colliss | Chief Project Officer |
Mr Michael Mulroney | Non-Executive Director | Mr Harvey Crowden | Chief Metallurgist |
Ms Amanda Ward | Non-Executive Director |
Registered and Principal Office
Suite 1902, Level 19, Tower A, The Zenith, 821 Pacific Highway, Chatswood NSW 2067 Australia
PO Box 758, Chatswood NSW 2057 Telephone: 1300 222 625 Facsimile: +61 2 9475 0869
Website and Email Address
Please visit Acacia Coal's website for the Company's latest announcements and news: www.acaciacoal.com
Email: info@acaciacoal.com
Issued Capital and Market Capitalisation
At 29 January 2015 Acacia Coal's issued capital was 903,787,924 ordinary shares and 109,000,000 unlisted options
exercisable between 2 and 5 cents. At a share price of $0.002 (29 January 2015) the undiluted market capitalisation was $1.81 million.
Number of Shareholders and Major Shareholders
At 16 January 2015 Acacia Coal had 1,313 shareholders. The Share Register records the following as major shareholders at 12 January 2015 accounting for 39.34% of the Company's issued shares:
Major Shareholders | % |
Charlotte Investments Pty Ltd | 12.00 |
Argonaut Equity Partners Pty Limited | 6.30 |
Skye Equity Pty Ltd | 4.92 |
| Pershing Australia Nominees Pty Ltd | 2.99 |
HSBC Custody Nominees (Australia) Limited | 2.65 |
UBS Wealth Management Australia Nominees Pty Ltd | 2.45 |
AFM Perseus Fund Limited | 2.41 |
| UOB Kay Hian Private Limited | 2.02 |
JP Morgan Nominees Australia Limited | 1.85 |
Citicorp Nominees Pty Limited | 1.75 |
Cash Balance | |
At 31 December 2014 Acacia Coal's cash balance was approximately $2.922 million. |
Shareholder Enquiries
Matters relating to shares held and changes of address should be directed to the Company's Share Registry:
Boardroom Pty Limited
Level 7, 207 Kent Street, Sydney NSW 2000
GPO Box 3993, Sydney NSW 2001 Telephone: +61 2 9290 9600 Facsimile: +61 2 9279 0664
Email: enquiries@boardroomlimited.com.au Website: www.boardroomlimited.com.au
Appendix 5B Acacia Coal Limited Mining exploration entity quarterly report
Appendix 5B Mining exploration entity quarterly reportIntroduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
Rule 5.3
ABN Quarter ended ("current quarter")
13 009 092 068 31 December 2014
Cash flows related to operating activities
1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration and evaluation
(b) development
(c) production
(d) administration
1.3 Dividends received
1.4 Interest and other items of a similar nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other - refund R&D cashback
Other - mineral royalties
Appendix 5B Page 1 of 5
Appendix 5B Acacia Coal Limited Mining exploration entity quarterly report
1.13 Total operating and investing cash flows (brought forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other - share issue costs
Net Financing Cash Flows
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 115
1.24 Aggregate amount of loans to the parties included in item 1.10 -
Explanation necessary for an understanding of the transactions
Payments as salaries and to companies associated with Directors for: $'000
Management salaries 95
Directors' fees 20
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
Appendix 5B Page 2 of 5
Appendix 5B Acacia Coal Limited Mining exploration entity quarterly report
Financing facilities available
There are no available financing facilities.
3.1 Loan facilities
3.2 Credit standby arrangements
4.1 Exploration and evaluation
4.2 Development
4.3 Production
4.4 Administration
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is follows.
5.1 Cash on hand and at bank
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other
Total: cash at end of quarter (item1.22)
Changes in interests in mining tenements
6.1 Interests in mining tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements acquired or increased
Appendix 5B Page 3 of 5
Appendix 5B Acacia Coal Limited Mining exploration entity quarterly report
Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates
7.12 Unsecured notes
(totals only)
Appendix 5B Page 4 of 5
Appendix 5B Acacia Coal Limited Mining exploration entity quarterly report
Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
2 This statement does/does not* (delete one) give a true and fair view of the matters disclosed.
Sign here: Robert Waring Date: 29 January 2015
Company Secretary
Print name: Robert J Waring
1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB
107: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
Appendix 5B Page 5 of 5
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