13/10/2008 - 11:16

Altera in trading halt over UCG deal

13/10/2008 - 11:16

Bookmark

Save articles for future reference.

Shares in West Perth-based Altera Resources Ltd have been placed into a trading halt, pending the announcement relating to its $13 million acquisition of an underground coal gasification firm.

Altera in trading halt over UCG deal

Shares in West Perth-based Altera Resources Ltd have been placed into a trading halt, pending the announcement relating to its $13 million acquisition of an underground coal gasification firm.

Altera said it expects to release a statement within the next 48 hours.

Last month, Altera unveiled plans to acquire Clean Global Energy Pty Ltd which has access to intellectual property for UCG.

Under the deal, Altera is to issue 90 million shares to CGE shareholders and a further 45 million shares once CGE's coal tenement applications in Queensland are granted.

Altera shares last traded at 10 cents before the halt was placed.

The deal is subject to shareholders approval and the completion of a $2.5 million capital raising. A deadline of October 30 2008 was set.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options