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14:26 on
03-09-2010
$0.190
even
15-20 min delay
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Lysander Minerals Corporation is in a period of dynamic growth. The Company is re-organizing to take advantage of development opportunities, commencing with the Verticalnaya coal mine located in the Lugansk region of Ukraine.
The Verticalnaya mine produced anthracite, a high quality, premium priced coal. Verticalnaya has substantial existing assets including two deep shaft systems. After a period of low production and following the break-down of the Soviet Union, it was placed on care and maintenance. Lysander plans to re-open the mine on a significantly expanded basis.
November 2009, by exercise of options Lysander purchased all of the issues and outstanding shares of Ukraine Energy Limited, a wholly owned subsidiary of Ukraine Coal Ltd., which owns 51% of the issued and outstanding shares of East Coal Company Limited, and also acquired the remaining 49% of East Coal. East Coal owns the mineral rights and assets of the Verticalnaya coal mine.
Upon the exercise of the options, consideration of 22,000,000 common shares was paid to Ukraine Coal; while 5,000,000 common shares and a US $3 million, 3 year convertible note was paid to the 49% owner. The note may be converted to 8,000,0000 common shares of Lysander Minerals Corporation.
The NI 43-101 technical report has been approved.
The pace of foreign investment into Ukraine is high, but there has been little investment into the mining sector. As an early entrant, Lysander expects to benefit both from the quality of the Verticalnaya project and exposure to other opportunities.
Lysander is in a unique position to:- Be a leader in investing into the Ukraine mining sector,
- Benefit from years of work by Ukraine Coal (the vendor),
- Acquire substantial existing assets including two deep shaft systems,
- Achieve good results by developing one of the first modern coal mines in
Ukraine, and
- Potentially develop new opportunities within the Donbass coal region.
The Company is well positioned - with a very experienced and accomplished Board of Directors, which now includes: Mr. John Conlon, whose directorships include Cambrian Mining PLC, Western Canadian Coal Corp. and Coal International PLC, who has extensive experience in underground mining operations and the management of mines.
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Mon Jan 4, 2010 : CAT/Osilinka Option Terminated (more...)
Tue Dec 8, 2009 : Ukraine Registration Process Complete (more...)
Thu Dec 3, 2009 : Ukraine Coal PLC Shareholdings (more...)
Mon Nov 30, 2009 : Lysander Completes Ukraine Acquisition (more...)
Fri Nov 6, 2009 : Option Amendments And Exercises- Ukraine Acquisiti... (more...)
President's Letter to Shareholders
November 27, 2009
Click here to view PDF
AGM - President's Address to Shareholders
Click here to view PDF
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