Shareholder Update January 2022

Dear Shareholder

I write to update you on the matters that may affect your shareholding in the company.

Today the board has met to set the agenda and direction for 2022. The board sees the company reaching several milestones this year that will take the company forward.

these milestones are:

  1. EGM to approve the purchase of the Texas Gas asset and change the company’s name to reflect our new vision and direction.
  2. Capital raise to professional investors (those investors that qualify as 708 investors under the corporations act)
  3. the relisting of the company onto the ASX


The company continues to undertake the legal and accounting work needed to get the company back to full operational standard and fully meet the requirements to have the company relisted in the near future.

The board is also investigating the ability to have the company’s shares being able to trade on a secondary market platform to allow for current shareholders to sell or buy shares.

In early march 2022 the company seeks to hold its AGMs for 2019 and 2020 to present the financial accounts for those years which cover the Administration process of the company. At the same time an EGM will be held to seek your support for a number of resolutions that will affect the direction and growth of the company, please watch out for the Notice of Meeting that will be sent to you over the coming weeks

The company is conducting a Capital Raise to Significant and professional investors (those investors that qualify as 708 investors under the corporations act) for working capital and capital to deploy on getting the company relisted.

Coal Gasification

The company is investigating and working up a feasibility study on the use of Coal fines and Tailings as well as Stranded Coal assets to produce Hydrogen, Methanol and Ammonia for national and international markets. These projects are being seen as a potential solution to the large quantities of Fines and Tailings that are currently a waste stream from the coal mining process and a source of the future fuels that will drive our economy in the 21st century and beyond.

Yours successfully

Stephen Petith
Executive Director

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