Royal Coal Corp. (CVE:RDA) reports on royalty and coal purchase agreement with Sandstorm Metals & Energy Ltd. (CVE:SND).
Royal Coal Corp. (TSXV:RDA) reports on royalty and coal purchase agreement with Sandstorm Metals & Energy Ltd. (TSXV:SND).
The press release is quoted as saying:
Sandstorm Energy has:
- advanced US$2 million of the US$11 million total upfront coal purchase payment committed to Royal Coal.
- in accordance with the coal purchase agreement, the remaining US$9 million will be remitted upon completion of certain funding conditions which is expected by February 2011
- completed the purchase for US$3 million of the 2.7% gross royalty on all of Royal Coal’s current assets (until Sandstorm Energy has been paid an aggregate amount of US$4.5 million, and thereafter a 1.35% gross royalty).