White Energy sells stake in Mountainside Coal Company

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.

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