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Global Earth Energy, Inc. (OTCBB: GLER) (OTCQB:GLER) announced, along with its joint venture partner Modern Coal, LLC, a Texas major contract mining company, that they have executed a purchasing agreement to acquire Samuel Coal, Inc. based in Kentucky. The purchase includes all of Samuel Coal’s existing properties, multiple permits, operations and mineral resources. The purchase price of $7.5 million will be initially funded by a cash down payment paid by Modern Coal to Samuel Coal by June 20, 2011. Under the terms of the agreement, the balance owed will be paid on the closing date of the transaction on August 11, 2011.
This acquisition will enable Abundance Coal, a 40-year coal mining company based in Kentucky, to fulfill its previously announced mining contract agreement with Samuel Coal. Further, due to the abundance of resources on the Samuel Coal properties, the joint venture will be able to ramp up production and move forward with multiple letters of intent already in place. The mines are located on approximately 5,000 acres near Hindman in the eastern part of Kentucky. (http://mapq.st/ePX71T).
Further information can be found on Global Earths Website, along with previous news release involving Samuel Coal.
About Global Earth Energy, Inc.
Global Earth Energy, Inc. provides renewable energy solutions. In addition, the Company is pursuing joint venture agreements with green solution providers worldwide.
Read the full news release here.
