The company also entered into a conditional placing agreement with institutional investors to raise EUR 1m to provide additional working capital.
Under Chinese standards, the total coal resource of the licenses is estimated to be 1.17 billion tonnes.
The consideration payable, excluding the option consideration, is approximately EUR 13m with payments conditional on the achievement of, and staged to reflect development and performance milestones.
The exploration assets are advanced and are expected to be readily converted into Mining Licences (ML).
ML application process will begin upon completion of the transaction.
Altona Chairman Christopher Lambert said they are delighted to secured these two advanced exploration licences, which we believe to have significant potential.
"The consideration has been favourably structured against significant performance milestones, including successfully converting each exploration licence into a mining licence and with the cash consideration only payable out of profits following the commencement of production in respect of each mining licence," said Lambert.
