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Novadx Announces Letter of Intent to Aquire 14,430 Acres of Permitted Coal Mine Project
Jun. 23, 2010 11:31AM PST
Industrial MetalsNovadx Ventures Corp. President & CEO, Neil MacDonald, reports: Novadx Ventures Corp. (TSX VENTURE:NDX) announced that its wholly-owned subsidiary, MCoal Corporation and Novadx have entered into a letter of intent with Tiacme LLC to acquire all the outstanding membership units of Tiacme in consideration of US$5 million payable as to US$2.5 million in cash and US$2.5 million in shares of Novadx priced at the 10 day weighted average trading price prior to closing less a 10% discount.
Novadx Ventures Corp. President & CEO, Neil MacDonald, reports: Novadx Ventures Corp. (TSX VENTURE:NDX) announced that its wholly-owned subsidiary, MCoal Corporation and Novadx have entered into a letter of intent with Tiacme LLC to acquire all the outstanding membership units of Tiacme in consideration of US$5 million payable as to US$2.5 million in cash and US$2.5 million in shares of Novadx priced at the 10 day weighted average trading price prior to closing less a 10% discount.
The press release is quoted as saying:
Tiacme’s sole asset is the Rex No. 1 coal mine (the “Rex No.1 Mine”) located on the border of Kentucky and Tennessee in the Columbian Mountains.
Click here to access the entire press release