New Age Exploration executed a binding share sale agreement with Paladar Trading to sell 100% of its subsidiary, Lochinvar Coal.

The Lochinvar Coal Project is composed of several licences located in the UK. The nominal cash consideration for the sale is set at $1, payable upon the share sale agreement’s execution.

Several conditions precedent must be satisfied or waived before settlement, including approval from the Coal Authority (UK) and necessary third-party, board, shareholder, and regulatory consents and waivers.

Upon completion, Lochinvar will grant New Age Exploration a royalty of $1 per tonne for the first 15,000,000 tonnes of minerals extracted and sold from the licences.