Challenger Deep Resources Corp. (TSXV:CDE) is a resource exploration and development company focused on creating shareholder value through cash flow and earnings in the Asian coal industry. The Company’s main properties are the near-term production Barito Coal Project and the exploration-stage Tabang Coal Project both in the Kalimantan region of Indonesia.
Cardero Resource Corp. (TSX:CDU,NYSE:CDY,AMEX:CDY,FWB:CR5) announced that Michael Hunter resigned as the Chief Executive Officer, President, and Director of the Company, effective March 19, 2013. Hendrik van Alphen was appointed as the new Chief Executive Officer and President of the Company.
Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) announced a non-brokered private placement of up to 60,000,000 units for the total proceeds of up to $8,400,000. Each unit is at a price of $0.14 per unit.
Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) recieved a non-binding letter of intent from a qualifed EPC contractor on a project equity investement of up to 20% in the Project. The Company was also issued indicative terms and conditions by a major international bank for a proposed loan in order to develop the Chandgana Tal 4X150MW Power Plant Project in Mongolia. 85% of the total value of the commercial contract will be financed by the proceeds of the Loan and certain conditions, such as the execution of all relevant project and loan documentation are precedent to the Loan.
Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) appointed Mr. John Lee as the new Executive Chairman of the Board of Directors of the Company. Mr. Lee transitioned into this role from his role as Chief Executive Officer as the Board has decided that the Company has reached a stage in development that requires Mr. Lee to focus on negotiating the major government and joint venture agreements for advancing the Chandgana power plant project in Mongolia.
Cardero Resource Corp. (TSX:CDU,NYSE:CDY,FWB:CR5) has extended the option period for the acquisition of four coal licenses, which will last for a period of up to three calendar months. These licenses form part of the Carbon Creek Metallurgical Coal Project.