Global Earth Energy (GLER) and Modern Coal, LLC, announced today that through Global Earth Natural Resources, their jointly-owned limited liability company, that they have received a contract estimated to be $360 million over a 36-month period.
GLER closed up 75.86% on almost 257M shares.
News:
WILMINGTON, NC–(Marketwire – 06/28/11) – Global Earth Energy, Inc. (GLER) and Modern Coal, LLC, a Texas major contract mining company, announced today that through Global Earth Natural Resources, L.L.C., their jointly-owned limited liability company, that they have received a contract from a large international coal group to purchase coal from Global Earth Natural Resources, L.L.C.’s soon-to-be-acquired Samuel Coal property. The total value of the contract is estimated to be $360 million over a 36-month period.
“Global Earth Natural Resources, L.L.C. is elated to solidify its first contract to import coal to a major international coal company that positions the company to generate positive cash flows over the long-term,”
said Brad Lamar, president of Modern Coal.
“I’m excited to confirm that we have received an initial deposit of $28 Million in the form of a letter of credit (LOC) from a foreign bank located in New York City. After a customary site visit and confirmation of our ability to fulfill the contract in full, the LOC will be increased to 100,000 tons of coal per month for 36 months at a price of $103.00 per ton.”