Bathurst Resources Ltd. has decided to increase its stake in NWP Coal Canada Ltd to 20% from 8% by investing C$7.5 million to fund permitting and a bankable feasibility study on the Crown Mountain coal project in British Columbia.
Jameson Resources Ltd.., NWP Coal's parent company, said Sept. 2 that a portion of the C$7.5 million has already been advanced in monthly tranches.
The financing is part of the joint venture agreement Bathurst signed with Jameson in June 2018.
Bathurst may further increase its stake on NWP Coal to 50% should it invest an additional C$110 million for construction costs, which in addition to C$4 million for a 2018 exploration program, will result in total funding of C$121.5 million.
