Global Earth Energy and Modern Coal Complete Initial Payment for Acquisition of Samuel Coal

Global Earth Energy, Inc. (OTC:GLER) announced that the first payment with regards to the acquisition of Samuel Coal has been completed.

The press release is quoted as saying:

The purchase price of $7.5 million has been initially funded by a cash payment paid by Modern Coal to Samuel Coal. Under the terms of the agreement, the balance owed will be paid on the closing date of the transaction on August 11, 2011.

Click here to read the entire news release.