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L&L Energy, Inc. LLEN

"L & L Energy Inc is currently engaged in the business of coal mining, coal consolidation, and wholesaling in the People's Republic of China and its operations are conducted in the coal-rich Yunnan Province in Southwest China."


OTCPK:LLEN - Post by User

Comment by Cool_Sciroccoon Sep 10, 2012 10:18pm
115 Views
Post# 20345116

RE: opsssssss ... Weishe Mine

RE: opsssssss ... Weishe Mine

Obviously, the stock price wasn't $5.40 on February 3, 2012, so this was a mistake in the January PR announcing the deal.

The statement you quote from the new 10-Q was first published in the 10-K filed on 7/31/12, so the correction isn't new or unkown. From page 86, :

Under the Agreement, the purchase price for 51% of the ownership interest in Weishe Mine is about US$9.7 million, which will be paid in full by issuing 3,000,000 shares of common stock of the Company (“LLEN Stock”) . The 3,000,000 shares of Company Stock has been paid to Union or a designee of Union in installments, based on the satisfaction of certain conditions set forth in the Agreement. The stock price on February 3, 2012 was $3.22 per share. The noncontrolling interest in Weishe is measured at fair value at the acquisition date, with a discount rate approximately of 16% which reflected the factor of lack of marketability.

https://edgar.sec.gov/Archives/edgar/data/1137083/000113708312000034/kllen_2012fdocx-v5.htm

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