The projects are prospective for thermal and soft coking coal deposits.
MPG has signed a binding heads of agreement (HoA) to acquire 100% of an unnamed entity, which has filed two exploration permits for coal applications (EPCAs) north and east of Kingaroy.
The EPC 2527 & EPC 2528 are located approximately 170km west of Brisbane cover 1,030sqkm with existing rail infrastructure running through the tenements.
The company, in addition, raised $1m to fund the acquisition, which will be split into payments at various stages.
A non-refundable deposit of $20,000 will be paid on execution of the HoA and $80,000 to be paid on completion of the acquisition of Delcarmen, reports proactiveinvestors.com.au.
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