Global Met Coal Corporation cancelled the acquisition of 50% of Mongoin Gol Energy LLC from Azbayar Ochirbat.
As of May 10, 2012, the transaction has been approved by TSX Venture Exchange. As of September 17, 2012, it was announced that Global Met Coal Corporation signed a share sale and acquisition agreement to acquire 50% of Mongoin Gol Energy LLC from Azbayar Ochirbat effective August 16, 2012. The deal is now expected to close by the end of September 2012.
As of November 29, 2012, Global Met Coal is negotiating to offset the cost of the purchase price for MG Energy 50% acquisition with the loan receivable. If the offset cannot be achieved, the loan receivable will be applied toward the $0.8 million cash portion of the purchase price for a 32.39% interest in Mogoin JSC.
Global Met Coal Corporation (TSXV:GMZ) cancelled the acquisition of 50% of Mongoin Gol Energy LLC from Azbayar Ochirbat during the year ended March 31, 2013. Global Met Coal failed to pay $0.25 million in connection with the terms of the agreement, and the shares of Mongoin Gol Energywere not transferred. The advance paid by Global Met Coal that is $1 million became a break fee and Mongoin Gol Energy has been relieved from its obligation to repay these advances to Global Met Coal Corporation.