Royal Energy Resources, Inc. announced that it has received $2 million in funding from Weston Energy, LLC
September 29, 2016
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Royal Energy Resources, Inc. (OTCPK:ROYE) announced that it has entered into a secured promissory note agreement with Weston Energy, LLC for gross proceeds of $2,000,000 on September 30, 2016. The note bears a fixed interest of 8% per annum. If any amount on this note is not paid when due, the interest rate shall increase by 3.00% per annum until such amount is paid. Principal and accrued interest shall be due and payable on December 31, 2016. All principal and accrued interest is due and payable on December 31, 2016. The note is payable, at the option of the company, either in cash, or in common units of Rhino Resource Partners, LP. The company may elect to pay the note by the issuance of preferred equity units of Rhino Resource Partners, LP to the lender.
Royal Energy Resources, Inc. is an energy company, which focuses on coal and energy related assets and activities, including energy infrastructure investments. The Company has a geographically diverse asset base with coal reserves located in Central Appalachia, Northern Appalachia, the Illinois Basin and the Western Bituminous region. The Company's segments consist of Central Appalachia, which includes surface and underground mines located in Eastern Kentucky and Southern West Virginia; Northern Appalachia, which includes surface and underground mines located in Ohio; Rhino Western, which includes an underground mine located in the Western Bituminous region in Utah; Illinois Basin, which includes an underground mine in western Kentucky, and Other, which includes its ancillary businesses, and oil and natural gas investments. The Company produces and markets coal from surface and underground mines in Kentucky, West Virginia, Ohio and Utah.
ROYAL ENERGY RESOURCES, INC. 