CONSOL Energy Inc. (NYSE:CEIX) entered into a conditional agreement to acquire remaining 74.34% stake in CFOAM Corp. from CFOAM Limited (ASX:CFO) for $1 million on July 7, 2022. CFOAM Corp is currently 74.34% owned by CFOAM Limited and 25.66% owned by CONSOL Energy Inc. CFOAM Corp owns the operating entity CFOAM LLC, located in Triadelphia, West Virginia.

Closing of the transactions set forth in the agreement is conditioned on standard conditions including but not limited to CFOAM Limited shareholder approval under Listing Rule 11.2 of the ASX Listing Rules and critically, a full release of any parent company guarantees provided by CFOAM Limited to the USA domiciled entities, CFOAM Corp and CFOAM LLC, each of the CFOAM's nominee directors on the board of CFOAM Corp. resigning as directors as well as any required third-party consents to the transactions. CONSOL Energy Inc. has agreed to fund the CFOAM Corp and CFOAM LLC business during the period from the signing of the agreement to settlement up to the amount of $0.3 million.

In the event that the proposed sale does not complete then this funding may be converted to equity in CFOAM Corp increasing CONSOL Energy Inc.'s ownership interest to up to 39.21% (on the basis that $0.3 million is the amount of the working capital loan). CFOAM Corp will have the financial and managerial support from CONSOL Energy Inc. to progress the USA domiciled business in a timely manner. CFOAM Limited wishes to thank the employees of CFOAM LLC led by Rudy Olson for their efforts and work to progress the business during these difficult conditions.

As of August 10, 2022, CFOAM Limited shareholders approved the transaction.