Key Developments For National Coal Corp.
National Coal Corp. (NCOC.O) (Consolidated Issue listed on NASDAQ Global Market)
National Coal Corp. Announces Delay In Filing Form 10-K
National Coal Corp. announced that it requires additional time to file its Annual Report on Form 10-K for the year ended December 31, 2008, and that it has filed for a 15 day extension.
National Coal Corp. Announces New Sales Contract
National Coal Corp. announced that it has signed a new three-year coal supply agreement for approximately 560,000 tons at $95 a ton; deliveries begin during the second quarter. The contract will have a significant impact on both the Company's average selling price and its committed tons through 2011. Tons committed for 2009, increased from 2.0 million tons (MT) to 2.2MT with an increase in the average selling price from $70.40/t to $73.94/t; tons committed for 2010 increased from 0.7MT to 0.9MT with an increase in the average selling price from $77.35/t to $81.03/t; and for 2011 we have now committed about 0.2MT at $95.00/t
National Coal Corp. Revises FY 2008, 2009, 2010 Production Guidance
National Coal Corp. announced that it has revised production goals for fiscal 2008 to 1.9 million tons, for fiscal 2009 to 2.4 million tons, and for fiscal 2010 a range of 2.4 million tons to 2.7 million tons.
National Coal Corp. Completes Sale of Kentucky Operations
National Coal Corp. announced that it has completed the sale of the balance of its Kentucky assets, also known as Straight Creek, for $11.0 million to Xinergy Corp. The proposed sale was first announced February 12, 2008. The Company has used $10 million of the proceeds to repay its 12%, $10 million senior secured term loan scheduled to mature in December 2008
National Coal Corp. Enters Into Asset Purchase Agreement
National Coal Corp. announced that it has entered into an asset purchase agreement with Xinergy Corp., pursuant to which the Company will sell the balance of its Kentucky assets, also known as Straight Creek, for approximately $11 million in cash. The transaction also will return to the Company approximately $8 million in cash pledged to secure reclamation bonds and other liabilities, and relieve the Company of $3 million in reclamation liabilities, $2.5 million of equipment related debt, and approximately $4 million in operating lease payments. The Company intends to use the sale proceeds to repay its $10 million senior secured term loan scheduled to mature in December 2008. The asset sale, which is expected to be completed before the end of the first quarter of 2008.
