China Snaps Up More Of Our Coal Resources, OUR NATURAL RESOURCES!!!
Posted in the Quakertown Forum
#1 Jun 23, 2011
All I can say is "what the F*CK is wrong with our leaders!??
Its the role of OUR gov to protect our natural resources.
- News April 27, 2011) is pleased to announce that Hanhong New Energy Holdings, a subsidiary of Hanhong Private Equity Management Company Limited, with its Corporate Headquarters in Beijing, China has agreed to provide a Line of Credit for the expansion of our Artemus Project and Hwy 72 Deep Mine Projects in Southeast Kentucky.
"The $2 Million dollar line of credit Hanhong is providing will allow AENY to bring two of our four permitted deep mines online. AENY plans to initiate deep mine operations in the Jellico Coal Seam on our Artemus Property in May. Once production stabilizes in the Jellico seam we will follow on with deep mine operations in the Darby seam on our Hwy 72 property. AENY estimates production of approximately 20,000 tons of clean coal per month from each of these mines by the end of our 3rd Quarter." said Chris Headrick, President and CEO of Americas Energy Company. Mr. Headrick added, "The Hanhong team also brings strong international logistic and strategic ties that will further assist AENY in its overall expansion program. To that end we have just finalized more than six months of due diligence on a Metallurgical property with more than 9 million tons of Permitted Metallurgical Reserves in Alabama. We have agreed on terms for acquisition funding of up to $25 Million dollars from Hanhong and plan to submit an offer for the project the first week of May."
The Company shall cause John Gargis to resign as a member of the Company's Board of Directors (the "Board"), and the Company shall cause a person designated by Investor to be appointed as a member of the Board to fill such vacancy. The Company will not issue additional shares of common stock or debt or equity instruments convertible to common stock, without the approval of the member or members of the Board designated by the Investor.
Exclusive Sales Rights.
Other than by or through Investor, the Company shall not, and shall not cause or allow any other third party to, and shall prohibit any third party to, directly or indirectly sell or distribute coal or coal products produced or distributed by the Company in or to China. In the event the Company desires to directly or indirectly sell or distribute coal or coal products produced or distributed by the Company in or to China, the Company shall offer to, and if acceptable to the Investor, enter into good faith negotiations with the Investor regarding an agreement whereby Investor would have the exclusive right to sell and distribute coal and coal products produced by the Company in or to China.
About Americas Energy Company
We are a consolidator of high quality energy properties, operating out of our main offices in Knoxville, TN. We currently operate projects in both Kentucky and Tennessee. AECo develops energy projects throughout the Americas. We are currently evaluating several additional coal projects, as well as an oil and gas rework project in Southeastern Kentucky.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This press release contains certain "forward-looking statements" as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, contractual difficulties that may arise, the failure to obtain necessary approvals, the future market price of AENY common stock and the ability to obtain the necessary financing. Such factors are detailed from time to time in AENY's filings with the United States Securities and Exchange Commission and other regulatory authorities.
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