Cabral Resources Limited has entered into a binding terms sheet to acquire Bowen Coking Coal Pty Ltd. (BCC) from Cape Coal Pty Ltd. Upon Completion, Gerhard Redelinghuys will be appointed Managing Director and CEO of Cabral, and James Agenbag will be appointed as a non-executive director. Eddie King and Steve Formica will remain as directors. All other directors of Cabral will resign.

Mr. Gerhard Redelinghuys is the Managing Director of Cape Coal and has 24 years' experience in financial and project development within the mining sector. Mr. James Agenbag has 13 years' experience in the mining industry covering all phases of business and project development, process design, including the commissioning and optimisation of processing facilities across multiple commodities. More recently, he has been responsible for the process engineering discipline across Peabody Energy Australia's mineral projects.

James is also affiliated with ECSA as a Professional Engineer. He is a Member of IEAust (Chem), and is an active Member of the Australian Coal Processing Society.