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White Energy Co Ltd Completes Purchase Of Mountainside Coal Company, Inc


Sunday, 6 Oct 2013 04:29pm EDT 

White Energy Co Ltd announced that it has completed the purchase of Mountainside Coal Company, Inc (Mountainside Coal), which operates several coal mines in Kentucky, USA, which collectively produce approximately 400,000 tonnes of coal per annum. On October 4, 2013, the Company successfully purchased 100% of the capital stock of Mountainside Coal for USD20 million, inclusive of all mine infrastructure, plant, equipment, permits and unsold coal stocks with minor adjustments as agreed with the seller, less the USD0.7 million paid for previous options fees. USD2 million of the purchase price is held in an escrow account as security for the payment of certain indemnification obligations of the seller. The amount held in escrow is to be released over a period agreed between the Company and the seller. The Company is required to pay approximately USD0.7 million to replace current reclamation bonds over Kentucky permits. 

Company Quote

0.16
0.01 +6.67%
10 Jul 2014