$LBTG Partnered with HUGE MINING COMPANY > > COLT RESOURCES INC. http://www.coltresources.com pps $0.27 PPS with $38,000,000 in Assets/$2,000,000 in Cash & AMS DEVELOPMENT LCC
Huge 8-K Provided
Liberty Coal Energy Corp. - Recent Material Event
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On August 24, 2012, Liberty Coal Energy Corp.(Company) consummated a Purchase
Agreement with AMS Development LLC, and Colt Resources, Inc. The parties agreed
that the Company would Purchase the Owsley Property in exchange for $3,890,000
payable through a combination of cash/promissory note (3,450,000) and Buyer
common shares($440,000).
OWSLEY COUNTY COAL PROPERTY On February 1, 2012, the Company entered into a letter of intent for the acquisition of private mineral leasehold rights to certain coal mining property in Owsley County, Kentucky with AMS Development LLC. and Colt Resources, Inc. (the "Owsley Agreement" ). The Owsley property covers approximately 1,000 acres and has 3,600,000 tons of coal recoverable by surface and high wall (auger) methods. There are underground reserves in place which are not being considered for production at this time. The Owsley project has a permit completed and technically approved by the Kentucky Department of Natural Resources for the first 80 acre phase. The permit can be placed on active status and mining initiated by posting a $175,000 reclamation bond. The Company believes mining can be commenced within 90 days of breaking ground. As part of the Owsley Agreement, the Company has agreed to enter into a purchase agreement with AMS Development LLC & Colt Resources, Inc., pursuant to which AMS & Colt would receive a minimum royalty of 5 dollars per ton or 10% of gross sales price per ton, whichever is greater. The agreement provides for the purchase of the 1,000 acres of surface property at $600,000, as well as surface mineable coal, (3.6 million tons at $.75/ton), underground coal rights (2.2 million tons at $.20/ton) and the discharge of a first mortgage due to a former owner of $150,000 for a total purchase price of $3,890,000. The total purchase price is payable through a combination of cash, a promissory note and Liberty Coal common shares.
Read more: http://www.faqs.org/sec-filings/130204/Libert...z2nvkP8y7T
Replies:
GM
Lots of room to run. LBTG
shanett on 12/19/2013 10:01:35 AM
Report TOS
Huge 8-K Provided
Liberty Coal Energy Corp. - Recent Material Event
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On August 24, 2012, Liberty Coal Energy Corp.(Company) consummated a Purchase
Agreement with AMS Development LLC, and Colt Resources, Inc. The parties agreed
that the Company would Purchase the Owsley Property in exchange for $3,890,000
payable through a combination of cash/promissory note (3,450,000) and Buyer
common shares($440,000).
OWSLEY COUNTY COAL PROPERTY On February 1, 2012, the Company entered into a letter of intent for the acquisition of private mineral leasehold rights to certain coal mining property in Owsley County, Kentucky with AMS Development LLC. and Colt Resources, Inc. (the "Owsley Agreement" ). The Owsley property covers approximately 1,000 acres and has 3,600,000 tons of coal recoverable by surface and high wall (auger) methods. There are underground reserves in place which are not being considered for production at this time. The Owsley project has a permit completed and technically approved by the Kentucky Department of Natural Resources for the first 80 acre phase. The permit can be placed on active status and mining initiated by posting a $175,000 reclamation bond. The Company believes mining can be commenced within 90 days of breaking ground. As part of the Owsley Agreement, the Company has agreed to enter into a purchase agreement with AMS Development LLC & Colt Resources, Inc., pursuant to which AMS & Colt would receive a minimum royalty of 5 dollars per ton or 10% of gross sales price per ton, whichever is greater. The agreement provides for the purchase of the 1,000 acres of surface property at $600,000, as well as surface mineable coal, (3.6 million tons at $.75/ton), underground coal rights (2.2 million tons at $.20/ton) and the discharge of a first mortgage due to a former owner of $150,000 for a total purchase price of $3,890,000. The total purchase price is payable through a combination of cash, a promissory note and Liberty Coal common shares.
Read more: http://www.faqs.org/sec-filings/130204/Libert...z2nvkP8y7T
Replies:
GM
Lots of room to run. LBTG shanett on 12/19/2013 10:01:35 AM
Report TOS
