Thelon Acquires Jellico Coal Project
Thelon Capital Ltd. (TSX VENTURE: THC)(FRANKFURT: TFHC) reported that the company has signed a Letter of Agreement to lease or purchase the Jellico Coal Project, which consists of approximately 6000 acres of fee simple land in the Campbell and Claiborne counties, located approximately thirty-five miles north of Knoxville Tennessee.
Thelon Capital Ltd. (TSX VENTURE: THC)(FRANKFURT: TFHC) reported that the company has signed a Letter of Agreement to lease or purchase the Jellico Coal Project, which consists of approximately 6000 acres of fee simple land in the Campbell and Claiborne counties, located approximately thirty-five miles north of Knoxville Tennessee.
The press release is quoted as saying:
Under the terms of the agreement, Thelon shall issue 3.5 million shares, and spend $750,000 (USD) on confirmation drilling to generate and complete a national instrument (NI 43-101) compliant resource report. Thelon shall issue an additional 3.5 million shares, (i) upon the signing of a definitive agreement, (ii) the successful completion, and receipt of the (NI 43-101) compliant resource report demonstrating a measured and indicated aggregate coal resource of not less than 20 million tons of sufficient quality and thickness to be conventionally mined.