SYDNEY: White Energy Company Limited has sold their 51% equity in Mountainside Coal Company, based in Kentucky, USA.
The sale to Kentucky based miner, Clay Laurel Mining Inc. is for a total consideration of US$4.053 million which equates to approximately AU$5.3 million.
A US dollar deposit equivalent to AU$2.9 million has been placed in escrow for release on completion, which is expected to be around 15th April 2021.
The remaining AU$2.4 million is to be paid in installments from May to December 2021.
www.whiteenergyco.com