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Delcarmen has filed two exploration permits for coal applications north and east of Kingaroy, approximately 170km west of Brisbane.
The tenements are both prospective for thermal and semi-soft coking coal and are also close to existing rail infrastructure.
MPJ is set to acquire Delcarmen for $1 million with consideration for the acquisition to be completed on a 50:50 equity and cash basis.
The agreement is still subject to obtaining shareholder approval.
In addition to the transaction, MPJ intends to raise up to $800,000 via a private placement of up to 40 million fully paid ordinary shares in MPJ at 2c per share.
The company said it would continue to seek further opportunities to develop a prospective cache of coal projects.
