PUDA | PowerRating), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China and a consolidator of twelve coal mines in Shanxi Province, today announced that Shanxi Puda Coal Group Co. Ltd ("Shanxi Coal"), a 90% subsidiary of Puda Coal, closed the mining asset transfers with Pinglu County Da Wa Coal Industry Co., Ltd ("Da Wa Coal") and Pinglu County Guanyao Coal Industry Co., Ltd ("Guanyao Coal") on
cagotJune 25, 2010, representing an aggregate purchase price of $41.7 million.
Pursuant to the Da Wa Coal Agreement, Shanxi Coal will pay Da Wa Coal an aggregate purchase price of $27.8 million in cash, of which approximately $6.8 million is for the tangible assets and approximately $21.0 million for the mining rights and compensation to Da Wa Coal. The first installment of $4.2 million to Da Wa Coal was settled within three days of the execution of the Da Wa Agreement. The second installment of $18.1 million was paid on June 25, 2010, after the registration and ownership certificates of the mining rights and land and property deed were transferred to Shanxi Coal. The remaining purchase price of $5.6 million will be settled upon the one year anniversary of the completion of the transfer.
Pursuant to the Guanyao Agreement, Shanxi Coal agreed to pay Guanyao Coal an aggregate purchase price of $13.9 million in cash, of which approximately $5.5 million is for the tangible assets and approximately $8.4 million for the mining rights and compensation of Guanyao Coal. The first installment of $2.1 million to Guanyao Coal was carried out within three days of the execution of the Guanyao Agreement and the second installment of $9.1 million was paid on June 25, 2010, after the registrations and ownership with respect to the mining rights and land and property deed were transferred to Shanxi Coal. The remaining balance of $2.8 million will be executed upon the one year anniversary of completion of the transfer.
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