Toronto, Ontario–(Newsfile Corp. – May 16, 2019) – Consolidated Tanager Limited, (“Tanager” or the “Company”) is pleased to announce that the first two trainloads of low-sulphur thermal coal from its Hinton, Alberta property have been shipped to the port of Prince Rupert, B.C., destined for Asia.
Under the terms of an Agreement with KC Euroholdings S.a.r.l (“KCE”), KCE is a member of the Cline Group and has an option to acquire a 100% working interest in the Company’s five Alberta coal leases until March 31, 2023. Once KCE has mined, delivered and sold 500,000 clean tonnes of thermal coal from the property, a payment of C$10 million will be due to Tanager. In addition, Tanager will retain the 1% (one per cent) gross overriding royalty on all coal produced and marketed from the property.
About Consolidated Tanager Limited
Tanager is incorporated under the Business Corporations Act of Ontario, and is a Public Issuer, although it is not currently listed on a stock exchange. In addition to the Hinton, Alberta coal mining leases, the Company owns 88 patented mining claims in the Timmins, Ontario area. The Company has 5.4 million common shares outstanding. More information about the Company can be found on its listing at www.sedar.com.
For further information, please contact:
Frank van de Water, Director, (tel) 416-221-4124 or (email) [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44849