UPDATE: NewLead Holdings Surges 40%, Acquires Properties with Estimated Coal Reserves of 143.1 Mln Tons
NewLead Holdings ( NEWL ) has acquired title and excavation rights in properties containing 18.6 million tons of estimated coal reserves for $11 million.
The company also entered signed agreement to acquire ownership and leasehold interests in properties containing approximately 143.1 million tons of coal for $55 million. It added that once all of the assets have been acquired, its coal reserves will consist primarily of sub bituminous B coal, which is 13,500
BTU with low sulfur.
Additionally, NEWL signed two agreements to supply coal to third parties, expecting to generate $873.5 million of revenue over a three-year period.
NEWL is up 40% to $1.79, trading in a 52-week range of $0.31 - $5.23.
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