All Coal Related Heating UpHope we get going soon or I'm putting my money into one of these.
As well, shares of Royal Coal (TSX: V.RDA, Stock Forum) rose 20% to 30.5 cents as the coal exploration and production company announced that Sandstorm Metals & Energy has advanced US$2 million of the US$11 million total upfront coal purchase payment committed to Royal Coal. In accordance with the coal purchase agreement, the remaining US$9 million will be remitted upon completion of certain funding conditions, which is expected by February 2011.
Novadx Ventures (TSX: V.NDX, Stock Forum), meanwhile, reported that its wholly-owned subsidiary, MCoal Corporation, has received the initial US$5 million advance payment under the definitive Coal Production Payment Agreement with Sandstorm Metals & Energy previously announced on Nov. 26, 2010. This first payment entitles Sandstorm to receive a life of mine coal stream consisting of 8.5% of the metallurgical coal surface mined from MCoal's Rosa Mine for a fixed price of US$75 per ton. Novadx stock popped 10% to 45 cents.