Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

East Energy Resources Substantial Shareholder Increases Stake

East Energy Resources (ASX: EER) substantial shareholder Majicyl Pty Ltd has increased its stake in the company to 45.87% from 41.24%.

This follows the issue of 94,825,781 shares to Majicyl as consideration for the purchase of Idalia Coal, bringing Majicyl total shareholding to 163,526,982.

Majicyl is associated with East Energy managing director Mark Basso-Brusa.

The acquisition of Idalia had added its 440 million tonne Inferred Resource and drill identified exploration target of between 4 billion and 4.5 billion tonnes in Queensland to East Energy's existing 1.74 billion tonne Resource.

Idalia's EPC 1398, EPC 1399, and EPC 1400 are all located adjacent to East Energy's tenements, which together provide the foundation for the development of rail and port infrastructure, able to support a large scale mining operation in western Queensland.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.