Humanis Group Ltd (ASX: HUM) has entered into a binding share sale agreement with Springsure Mining Pty Ltd in which Humanis will acquire approximately 49 per cent of the issued capital of Springsure.

Springsure intends to construct a training mine facility in the area of the Tenement concurrent with the development of a sustainable underground thermal coal mine which will provide practical and theoretical mining and occupational health and safety training, experience and expertise.

Springsure is a private company based in Newcastle which holds an exploration permit for coal, EPC 1674, as a tenant in common for a four year term ending on 29 June 2014.

Humanis, through a wholly owned subsidiary, ResCo Projects Pty Ltd, is to acquire a 49 per cent equity interest in Springsure by acquisition from the equity interest of Springsure currently held by TheChairmen1 Pty Ltd on the following basis; payment of $1.5 million to TheChairmen1 on completion (which will be paid to Springsure to meet exploration expenditure on the Tenement); payment of $2.2 million to TheChairmen1 for each 10 million tonnes of indicated mineral resource coal contained in the Tenement up to a maximum amount of $11 million; and the shareholders entering into a shareholders deed.

It is estimated that the initial capital required to develop the underground mine and ancillary facilities of the Training Mine is approximately $46 million which includes confirmatory drilling and feasibility studies. An additional amount of approximately $10 million may be required for the construction of the training facilities in the Training Mine.

In December 2010 following the last rights issue, Humanis's board noted that there were many sub-underwriters who did not receive their requested allotment of the shortfall shares. The board has resolved to undertake a non-renounceable rights issue to allow shareholders to participate in a further capital raising of approximately $5 million before issue costs. These funds are to be used to assist with the development of the Training Mine.

Humanis managing director George Gelavis said, "This is a tremendous opportunity for the company to make a real impact on the up-skilling of Australian workers, providing them with a pathway to participate in the resources industry growth."