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Adavale to settle debt with creditors via Tapan coal project sale

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Adavale to settle debt with creditors via Tapan coal project sale

Adavale Resources Ltd. said Oct. 12 that it signed a memorandum of understanding to sell subsidiary PT Prima Perkasa Abadi, which holds the Tapan coal project in Indonesia, to creditor PT Harner and its owner Haryono Eddyarto, valued at about A$600,000.

Under the terms, the company will receive US$18,915.19 in cash plus the extinguishment of a A$495,954 loan and A$198,869 of loan interest owed to PT Harner and Eddyarto, respectively.

The sale is pending shareholder and regulatory approvals.