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Cougar Energy Adds New Substantial Shareholder

Cougar Energy (ASX: CXY) has added Feitelson Group as a substantial shareholder as of 1 August 2013 with a 5.145% stake in the company.

Feitelson had acquired 33.3 million shares for $100,000 under a Cougar placement to advance Scoping Study work for the Mackenzie PCI Coal Project in the Bowen Basin, Queensland.

Prior to that, it had acquired 50 million shares in Cougar between 22 April and 26 July.

Cougar had in July delivered a maiden JORC Inferred Resource of 201 million tonnes for Mackenzie, which is located between the producing Jellinbah and Yarrabee open cut mines that are long-term producers of PCI grade export coal.

The resource and its location offers the company options to advance Mackenzie including a direct sale of the asset to Jellinbah and Yarrabee or a sale to other companies in the region.

Also being considered is a farm-in of some sort or royalty agreements.

Upside also exists as the current Resource covers 70% of the deposit modelled.

Cougar had in late July raised a total of $719,674 through its placement of 239,891,357 shares priced at $0.003 each to sophisticated and professional investors.

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