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EastCoal acquire agreement with EFI sssetsJanuary 18, 2014
EastCoal Inc announces that the company and its wholly-owned, Cyprus incorporated subsidiary, Gramsico Holdings Limited entered into share purchase agreements with an Austrian based company, EFI Holding GmbH, pursuant to which EFI will acquire all of the Company's 0.1% shareholding and all of Gramsico's 99.9% shareholding in East Coal Company LLC for an aggregate cash consideration of USD 499,000.
On January 10th 2014, the Company and Gramsico also entered into share purchase agreements with EFI pursuant to which EFI will acquire all of the Company's 0.1% shareholding and all of Gramsico's 99.9% shareholding in Ukraine Energy LLC for an aggregate cash consideration of USD 1,000.
ECC and UE are Ukranian incorporated companies that are indirectly wholly owned by the Company through Gramsico. ECC holds the assets relating to the Company's material project, the Verticalnaya mine. UE is an inactive shell company.
The share purchase agreements with EFI also provide for a royalty interest to be earned by the Company equal to USD 1.00 per tonne of coal produced at the Verticalnaya mine, and provide for the assignment to EFI of the Company's rights pursuant to a loan agreement dated June 25th 2009 between the Company and ECC as (borrower).
The Company and Gramsico also entered into share purchase agreements with Cyprus based company, Strong Group Corporation Limited, pursuant to which Strong Group will acquire all of the Company's 0.1% shareholding and all of Gramisco's 99.9% shareholding in Inter-Invest Coal LLC for an aggregate cash consideration of USD 15,020.
IIC is a Ukrainian incorporated company that is indirectly wholly-owned by the Company through Gramsico. IIC holds the assets relating to the Company's Menzhinsky mine, and, as previously announced, IIC is currently in a liquidation process in the Ukraine.
The acquisition of ECC and UE by EFI and the acquisition of IIC by Strong Group will be conditional on the receipt of a court order under the Bankruptcy and Insolvency Act (Canada) which application is currently scheduled for January 16th 2014.
Source - Strategic Research Institute
On January 10th 2014, the Company and Gramsico also entered into share purchase agreements with EFI pursuant to which EFI will acquire all of the Company's 0.1% shareholding and all of Gramsico's 99.9% shareholding in Ukraine Energy LLC for an aggregate cash consideration of USD 1,000.
ECC and UE are Ukranian incorporated companies that are indirectly wholly owned by the Company through Gramsico. ECC holds the assets relating to the Company's material project, the Verticalnaya mine. UE is an inactive shell company.
The share purchase agreements with EFI also provide for a royalty interest to be earned by the Company equal to USD 1.00 per tonne of coal produced at the Verticalnaya mine, and provide for the assignment to EFI of the Company's rights pursuant to a loan agreement dated June 25th 2009 between the Company and ECC as (borrower).
The Company and Gramsico also entered into share purchase agreements with Cyprus based company, Strong Group Corporation Limited, pursuant to which Strong Group will acquire all of the Company's 0.1% shareholding and all of Gramisco's 99.9% shareholding in Inter-Invest Coal LLC for an aggregate cash consideration of USD 15,020.
IIC is a Ukrainian incorporated company that is indirectly wholly-owned by the Company through Gramsico. IIC holds the assets relating to the Company's Menzhinsky mine, and, as previously announced, IIC is currently in a liquidation process in the Ukraine.
The acquisition of ECC and UE by EFI and the acquisition of IIC by Strong Group will be conditional on the receipt of a court order under the Bankruptcy and Insolvency Act (Canada) which application is currently scheduled for January 16th 2014.
Source - Strategic Research Institute
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