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3G Coal Limited (Proposed ASX Code: 3GC), formerly known as 3G Coal NL, was incorporated in 2014. The headquarter of the company is situated in Subiaco, Australia and it is being currently headed by Mr. Russell Moran â the Chairman. The group is a pure-play metallurgical coal explorer which is mainly focused on developing its 100% owned Groundhog South Project located in the Groundhog Coalfield of British Columbia, Canada. The group has only owned the granted coal licences that comprise the Groundhog South Project since 16 February 2016 and has a relatively limited operating history and limited historical financial performance.Â
On 25 September 2018, the company lodged its prospectus with ASIC to offer up to 30 million shares at an issue price of $0.20 per Share to raise up to $6 million (Maximum Subscription) with a minimum subscription of 22.5 million shares at an issue price of $0.20 per Share to raise $4.5 million (minimum subscription). For that, the group appointed K S Capital Pty Ltd as lead manager and corporate adviser to the Company in connection with the Offer. The objective of the IPO is to fund a maiden diamond drilling campaign at the Groundhog South Project. From the proceeds of the offer, the company will fund the commencement of environmental baseline studies at the Groundhog South Project to support submission of a 100,000-tonne bulk sample and future mine permitting activities. The company is also going to fund the costs of geological modelling and Coal Resource estimation, reported in accordance with the JORC Code, for the Groundhog South Project. Moreover, the company will fund the cost of detailed coal quality sampling and testing program for the purpose of designing a ULV PCI coal product specification based on coal from the Groundhog South Project for early trials with potential offtake partners. It is expected that proceeds from the offer will provide the next two years of working capital for the Company.
The company is having an experienced Board with unique expertise in the geology, infrastructure and community relations relevant to the Groundhog South Project in the Groundhog Coalfield. Recently, the company has appointed Mr. Brett McLeod as the Managing Director (M.D.) of the Company. As per the release, he is having rich exposure in large bulk commodity mining and infrastructure projects with ASX and FSTE 100 Companies in Australia, West Africa, Canada and Mexico.
The companyâs Board and Management possess significant first-hand experience in dealing with bulk commodities and access to potential North Asian customers of a ULV PCI coal derived from Anthracite Coal.
The business, assets and operations of the Company are subject to certain risk factors that have the potential to influence the operating and financial performance of the Company in the future. These risks can impact the value of an investment in the securities of the Company. The Board intends to manage these risks by carefully planning its activities and implementing risk control measures.
For the year ended 30 June 2018, the company reported Net Loss of $917,820. As at 30 June 2018, the company has current assets of $23,339 and current liabilities of $519,085. Further, the company experienced net cash outflows from operating activities of $625,569, net outflows from investing activities of $329,342. As at 30 June 2018, the company had a cash balance of $12,470.
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