A West Australian technology investment company has acquired a significant stake in Queensland coal miner Liberty Resources.
Applabs’ 6.4 per cent acquisition of 20,841,666 shares, at the time worth more than $250,000, has now more than doubled at the current price of 2.5 cents per share.
As part of the transaction Applabs founding member and non-executive director Charles Thomas has been appointed to the board of Liberty Resources.
In a statement to the ASX Applabs managing director Stuart Kidd said: “We are delighted to complete this transaction to acquire a meaningful stake in Liberty Resources and assist the company in potentially sourcing technology investments.”
“Any transaction also has the ability for Applabs to potentially convert its investment in an unlisted technology company into a listed investment.”
Thomas has been involved in providing advice and funding for numerous ASX listed companies over the past ten years, and also co-founded the D-Inked laser tattoo removal clinic in Adelaide.
Liberty Resources managing director Andrew Haythorpe said it was an exciting opportunity for Liberty Resources shareholders.
“We see substantial opportunities through Applabs expertise and competency to expand into new global business opportunities with short term revenue and profit growth potential,” he said.
“This placement will assist Liberty to retain core assets and thereby potentially obtain the maximum value for those assets and enhancing shareholder value.
“It has been a long held vision to move the company toward a profitable position.
“Unfortunately, and beyond the control of the company, this has simply not been possible in UCG (underground coal gasification).”