M Resources Pty Ltd submitted a proposal to acquire Australian Pacific Coal Limited (ASX:AQC) from its shareholders for AUD 18.2 million on August 25, 2022. M Resources Pty Ltd has offered to pay AUD 0.36 per share. As of September 8, 2022, AQC received a non-binding proposal from Pacific Premium Coal Pty Ltd at an offer price of AUD 1.00 per share.

The Company advises that the proposal is at an extremely early stage, is non-binding, conditional and requires further consideration. Shareholders are advised to take no action at this time. The transaction is subject to approval by Australian Pacific's approval and lenders approval.

The transaction is subject to consummation of due diligence. For the transaction to go forward, 90% minimum acceptance to the proposal is required.