Bowie refresher.... (GeoInvesting)
December 7, 2010
'L&L Energy’s loans will earn 9 percent per year, and L&L has an option to acquire up to a 9 percent equity interest in Bowie. The loan is equal to Bowie’s other secured creditor, GE Energy Financial Services.
Bowie has contracted to deliver 3 million tons of coal to the Tennessee Valley Authority, but the longwall mine has the capacity to produce 4 million to 5.5 million tons per year of high-quality coal, producing more than 12,000 Btu per pound with minimal sulfur and ash.
The mine offers an “excellent opportunity to acquire a portion of a high-quality, U.S.-based coal-mining operation with an experienced management team at an attractive price,” Lee said. “We look forward to working with the Bowie team to expand.”
The mine has proven reserves of about 25 million tons with the possibility of an additional 15 million tons after permitting is completed.'
(EdgarOnline)
'As of October 31, 2011, the Company entered into several agreements with Colorado-based Bowie Resources, LLC and have loaned a total of approximately $7 million. The loan originally carried a variable interest rate of approximately nine (9) percent to approximately eleven (11) percent. The loan is co-senior with another lender. The total balance was $7,391,479 including interest of $349,467 for the period end of October 31, 2011 and $7,272,828 including interest of $230,815 for the period ended April 30, 2011. '
Sharpei