BVI company entered into investment deal with Universal Coal Resources

Polo Resources Limited, an international investment company focused on natural resources and domiciled in the British Virgin Islands, announced that its subsidiary, Polo Investments Limited, entered into a secured US$5,000,000 nominal value 15% redeemable convertible note with Universal Coal Resources Pte Ltd. In its turn, Universal, which is a Singapore-incorporated company, entered into a conditional agreement with Pan Asia Corporation Ltd. subsidiary to acquire an indirect 75% interest in PT Transcoal Minergy Coal Project, incorporated in Indonesia.

Universal Coal Resources is targeting a Singapore Stock Exchange Catalist Board listing, and the convertible note entitles the BVI company to convert the principal outstanding plus any accrued interest into not less than 20% of the share capital of Universal. Also, the funding under the convertible note will allow the Singapore company to undertake value adds to the TCM Coal Project. The note is repayable 18 months from draw-down, unless previously converted.

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