2:00am EST
Alpha Prospects Plc announced that it has entered into an agreement with Empire for Empire to spend USD2 million on drilling and a seismic survey to prove up resources and reserves to a Joint Ore Reserves Committee (JORC) code (AUST) and reporting standards. Subject to licences, located within the Mt Lloyd vicinity, approximately 40km west/north-west of Hobart in Southern Tasmania, covering 500 sq km, being granted and Empire deploying USD2million, Empire will be entitled to a 75% interest in the shares of APA. In consideration of the above, Alpha will issue 49 Million new Alpha shares to Empire representing 26.6% of the enlarged capital of Alpha. APA intends to implement an exploration program with particular focus upon coal and coal bed methane. The agreement between Alpha, APA and Empire will be lodged with the SEC as an 8k filing by Empire.
