Haryono Eddyarto Acquires Adavale Resources Indonesia News....

Haryono Eddyarto Acquires Adavale Resources

Indonesia News. BRISBANE (Indonesia Today) – Haryono Eddyarto will acquire 24 million shares in Adavale Resources Ltd next Friday (3/8), boosting his ownership to 19.8% in the company and plans to expand it further to 51.2%.

Eddyarto has entered into conditional share sale agreements with several parties, including Directors of Adavale Richard Poole and Roger Steinepreis, where Eddyarto has agreed to acquire up to an additional 99.5 million shares. The shareholding may bring Eddyarto’s total combined interest up to 51.2%.

A total of 32 million options will also be transferred to Eddyarto by both Directors on the settlement date of the share sale agreement. As a consequent from the share acquisition, Haryono Eddyarto will be appointed as Chairman in Adavale.

Additionally, Adavale and Eddyarto also have entered into a Convertible Loan Agreement to the value of $1 million. As a result from the agreement, both Adavale, Eddyarto, and Arthur Phillip Pty Ltd have agreed to terminate the similar agreement entered back on October 2010.

Adavale is in talks with two parties to jointly develop the Tapan Coal Project in West Sumatera.