AI
Sunday, November 23, 2014 2:48:24 PM
$$$$NEWL$$$$ All the dd ya want for RISK VS REWARD...
The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
Coal Sale Purchase Agreements (Purchase Agreements) As of December 31, 2013, New Lead JMEG LLC entered into two Sale Purchase Agreements with a third party to purchase from such third party thermal coal located in Kentucky, USA. The commencement period of the agreements, which were revised on March 17, 2013, is considered to be the first shipment of coal, which is expected to take place during the fourth quarter of 2014 or as otherwise agreed
The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
PIRAEUS, Greece, Oct. 23, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".
The Newlead Castellano has been chartered-out at a gross rate of $9,500 per day, minus a 6.25% commission payable to third parties, for a minimum of three and a maximum of five months. This employment is anticipated to generate approximately $855,000 of gross revenue for the minimum scheduled period of the time charter.
The Newlead Castellano is a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt and is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet in 2014.
As previously announced on September 22, 2014, when NewLead took delivery of the Newlead Castellano, the vessel is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We continue to capitalize on opportunities that arise in the dry bulk sector to increase the cash flow and future revenues of the Company. The Newlead Castellano has been fixed at a premium to current market charter rates."
Five Mile Mine
Project Location, Access and Areas of Operation
The Five Mile Mine consists of a group of 42 surface and mineral leases located at Canoe Quadrangle, Breathitt County, Kentucky, approximately 2.1
miles NW of Copeland and 1.8 miles west of the North Fork of the Kentucky River off Kentucky highway 1110. The total acreage under lease is
approximately 7,695 acres. Primary access to the property is at Howard’s Creek Road off highway Kentucky 1110 to the project’s main access at Howard’s
Creek Road. Transportation of the coal to purchasers is available through a rail terminal approximately one mile from the property.
The Five Mile Mine already has permits related to the operation of the mine and the Andy Terminal Unit Train Loadout.
Agreements for Surface/Mineral Rights
We continue to pursue the acquisition of title to the Five Mile Mine and currently anticipate that it will close that acquisition by the end of 2014 through
the payment of the promissory notes in the amount of $11.0 million under the Hanover agreement.
Equipment, Infrastructure and Other Facilities
The Andy Terminal Unit Train Loadout and CSX Rail Siding that we will use to transport coal are located near Haddix, Breathitt County, Kentucky
and can load a unit train in approximately 4.5 - 6 hours at an average rate of 1800 TPH (tons per hour). A rail siding is a short railroad track connected with
the main track. At this location, the rail siding and the connecting railway are part of the railroad operated by CSX Corporation, Inc. The terminal facility was
constructed in 2005 by Taggert Global for Bluestone Coal Company and is most recently owned by Kentucky Fuel Corporation. The terminal consists of one
truck scale, two stockpile areas, two tunnels with feeders, one crusher, three conveyors, one electromagnet, one belt sampler, one control room and circular
rail siding on the CSX Railway, which is the adjoining railroad operated by CSX Corporation, Inc.
Previous Operations
The Five Mile Mine property is a so-called “greenfield property,” meaning there have been no previous operations on the property.
Property Condition, Exploration and Development
Although the Five Mile Mine property is a greenfield property, access roads and haul roads are under construction. The mine on this property will be an
open-pit mine. Our mining plan for the property is consistent with industry practice and will entail contour mining as well as auger/highwall mining for lower
seams. We intend to use contract miners who will be responsible for conducting water studies and geophysical surveys of potential aquifers and supplying
water to the property. If we operate the mine, we will conduct the water studies and geophysical surveys of potential aquifers and supply water to the property.
We will work with local power authorities and suppliers to provide power to the mines and associated facilities on the property. At this time it is not known
what the estimated cost associated with these projects will be.
As of December 31, 2013, we have incurred approximately $1.0 million for development costs related to the Five Mile Mine, in addition to approximately
$0.5 million costs that we have incurred related to its acquisition, which has not yet been completed.
Rock Formations, Mineralization and Reserves
The Five Mile Mine encompasses at least nine seams. The mineable reserves we expect to mine are in the Hazard seven through eleven seams as well as
Skyline seams one through four. These seams are included in the areas between Howards Creek and Middle Fork on the east and west sides of the property
and Howards Creek to Lick Branch on the north and south sides of the property. Historically, these seams contain low to high quality bituminous steam coal
which has been mined from the Pre-Civil War era until the present. Available geological mapping from the United States Geological Survey (U.S.G.S.) shows
the site to be underlain by the Breathitt formation which consists of cyclic sequences of sandstone, shale, coals and fireclays.
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Viking Mine
Project Location, Access and Areas of Operation
In September 2013, we acquired the rights to mine at the Viking Mine located in Pike, Floyd, and Letcher Counties in Kentucky, with approximately
4,795 mineral acres.
Agreements for Surface/Mineral Rights
The property consists of 4,795 acres which are included in one leasehold. There are several mineable coal seams on the property. There have previously
been agreements for leasing this property in total for mining rights on all coal seams.
Equipment, Infrastructure and Other Facilities
The Viking Mine has no equipment or facilities associated with the acquisition. However, there are permits in place which would be considered assets,
without which there would be no means of recovering the mineral which is in place on the leasehold. Permits are held from the KY Division of Mine
Reclamation and Enforcement and the KY Division Of Water. Additional licensing will be necessary from the KY Office of Mine Safety and Licensing, and
the US Mine Safety and Health Administration prior to the restart of active mining operations .
Previous Operations
This area was being mined by surface mining methods at the time of the acquisition, by a contract miner. The contract operator was operating on a
month to month basis. After the acquisition of the Viking Mine, that arrangement was ended and the active mining ceased. It has not been activated since the
acquisition date.
Property Condition, Exploration and Development
At this point the Viking Mine is inactive. There are, however, continuing obligations on the property which must be maintained in order to keep the
permits and licenses in good standing with the regulatory authorities. The contemporaneous reclamation will be brought into compliance once mining is
restarted on the property. Any other issues which need attention must be handled accordingly by contracting out the work to maintain compliance. There will
be additional exploration necessary on the property in order to prove the reserves in each of the seams and comply with the requirements of a proper reserve
estimate. Once the lease negotiations yield a suitable agreement, further development, permitting and mining may once again be initiated.
Rock Formations, Mineralization and Reserves
The properties in Kentucky also include natural gas wells and projects relating to extraction of timber, sand, gravel, fly ash and dimension stone. We
expect third parties to extract some of these commodities on the properties and pay royalties; however, we may decide to extract these commodities itself.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Make sure all read the SCUMBAGS of IRONRIDGE and what they did..
1. Newl will not RS on grey do to up listing on QB IMO...
Once the Form 15c-211 is cleared, the Company hopes to have its shares trade on the OTCQB market. The Company has engaged a market maker to file the necessary application with FINRA. The Company intends to make a further announcement regarding its trading market once the application is cleared.
2. On August 13, 2014, Ironridge Global IV, Ltd. (“Ironridge”) requested an additional 2.8 million common shares of NewLead Holdings Ltd. (the “Company”) and, on August 21, 2014, Ironridge requested an additional 3.2 million common shares of the Company. As of August 21, 2014, Ironridge has requested and/or received approximately 14.5 million shares (adjusted to reflect the 1-for-50 reverse split effective as of May 15, 2014 and the 1-for-50 reverse split effective as of July 15, 2014), as contained in Exhibit A, 7.3 million of which have been requested but not issued, and are therefore not included in the shares outstanding number below.
As of July 31, 2014, Ironridge has invested $2.5 million in the Company and force funded another $2.5 million, which was immediately returned pending resolution of the arbitration, and, as disclosed to the Company by Ironridge, has sold the common shares of the Company issued to it for aggregate proceeds of $32.3 million.
As of August 21, 2014, the Company had approximately 33.4 million shares outstanding.
As of July 31, 2014, Ironridge has invested $2.5 million in the Company and force funded another $2.5 million, which was immediately returned pending resolution of the arbitration, and, as disclosed to the Company by Ironridge, has sold the common shares of the Company issued to it for aggregate proceeds of $32.3 million.
On September 11, 2014, Ironridge Global IV, Ltd. (“Ironridge”) requested an additional 3,830,396 common shares of NewLead Holdings Ltd. (the “Company”). As of September 11, 2014, Ironridge had requested and/or received approximately 18.3 million shares (adjusted to reflect the 1-for-50 reverse split effective as of May 15, 2014 and the 1-for-50 reverse split effective as of July 15, 2014), as contained in Exhibit A, approximately 7.0 million of which have been requested but not issued, and are therefore not included in the shares outstanding number below.
As of July 31, 2014, Ironridge has invested $2.5 million in the Company and force funded another $2.5 million, which was immediately returned pending resolution of the arbitration, and, as disclosed to the Company by Ironridge, has sold the common shares of the Company issued to it for aggregate proceeds of $32.3 million.
As of September 12, 2014, the Company had approximately 42.6 million shares outstanding.
3. QB
http://www.otcmarkets.com/marketplaces/otcqb
4. All vessels got announced and delivered..
NewLead Holdings Ltd.
Announces
Delivery of the Third Eco-Type Handysize Vessel since January 2014
PIRAEUS, Greece, September 22, 2014 - NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that the "Newlead Castellano", a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt, was delivered to NewLead's owned fleet on September 16, 2014.
The Newlead Castellano is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
The Newlead Castellano is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet since January 2014. NewLead had agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced. The other two Handysize vessels, the Newlead Albion and the Newlead Venetico, both of which the Company had agreed to acquire in March 2014, for a total acquisition price of $37.0 million, were delivered on May 19, 2014 and July 25, 2014, respectively, as already announced.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, “We are pleased to announce the delivery of the Newlead Castellano as scheduled. This is the third modern and fuel efficient vessel to be delivered to NewLead's fleet in less than a year. Today, NewLead's fleet is completely transformed and optimized. We have expanded our fleet by 85.7%, from two vessels to five vessels in less than one year. Today, we have a total fleet of eight vessels, including three tanker vessels under management. The average fleet age of our owned vessels is 8.53 years, reduced from 18.5 years at the beginning of this year."
Michael Zolotas, added, "We are accelerating the execution of our strategy to rebuild our fleet while focusing on younger vessels to ensure a longer revenue capacity through extended employment lifetime. We continue to capture on opportunities to grow our fleet to establish a strong platform ready to benefit from market and industry opportunities."
Fleet Update
The following table details NewLead's fleet as of September 22, 2014:
Vessel Name Size (dwts) Vessel Type Year Built
Dry Bulk Vessels
Newlead Castellano 35,542 Eco-type Handysize 2013
http://www.prnewswire.com/news-releases/newlead-holdings-ltd-announces-delivery-of-the-third-eco-type-handysize-vessel-since-january-2014-275993821.html
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Newlead Albion 32,318 Eco-type Handysize 2012
http://worldmaritimenews.com/archives/124170/newlead-modernizes-its-fleet/
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Newlead Venetico 32,500 Eco-type Handysize 2012
http://www.ship.gr/news6/newlead55s7.htm
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Newlead Victoria 75,966 Panamax 2002
http://www.shipspotting.com/gallery/photo.php?lid=1424988
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Newlead Markela 71,733 Panamax 1990
http://www.seanews.com.tr/article/TURSHIP/43011/The-Newlead-Markela-suffered-an-explosion-in-its-cargo-of-coal-on-Nov-13--2010--at-2-p.m.--followed-by-a-fire--which-could-be-extinguished-soon.-/
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Tanker Vessels 1
Captain Nikolas I 5,887 Chemical Tanker/Asphalt Carrier 2009
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
M/T Sofia 2,888 Chemical Tanker/Asphalt Carrier 2008
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Gema 19,831 Oil Tanker 2001
Last Position Received
Info Received: 13 h, 2 min ago (2014-11-23 06:35)
Area: Persian Gulf
Latitude / Longitude: 29.69833° / 48.66025°
Status: Stopped
Speed/Course: 0.1kn / -
AIS Source: 1912
http://www.marinetraffic.com/ais/details/ships/shipid:300958/mmsi:256071000/imo:9171199/vessel:GEMA
1. These vessels are under management by Newlead Shipping SA
5. 125mil court suit possible
June 23, 2014, in arbitration proceedings currently pending between the Company and Ironridge Global IV, Ltd. ("Ironridge"), the Company filed claims against Ironridge for breach of contract, fraudulent inducement of contract and fraud, securities market manipulation and misrepresentation in violation of United States federal securities laws, unjust enrichment, and violation of 15 U.S.C. 78p(b), seeking disgorgement of short-swing profits, damages in excess of $25 million, punitive damages in excess of $100 million, and reimbursement of legal costs and the costs of the arbitration. NewLead has also requested that the arbitration tribunal declare that the agreement between NewLead and Ironridge is terminated and/or void ab initio, and that Ironridge has no entitlement to the issuance of additional common shares of NewLead.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
1. These vessels are under management by Newlead Shipping SA
So the scumbags had $22mil in proceeds and now they got $32.4 scamed from NEWL AND THE SHAREHOLDERS...
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10086600
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10167215
NEWL) (“NewLead” or the “Company”) announced today that on June 23, 2014, in arbitration proceedings currently pending between the Company and Ironridge Global IV, Ltd. (“Ironridge”), the Company filed claims against Ironridge for breach of contract, fraudulent inducement of contract and fraud, securities market manipulation and misrepresentation in violation of United States federal securities laws, unjust enrichment, and violation of 15 U.S.C. 78p(b), seeking disgorgement of short-swing profits, damages in excess of $25 million, punitive damages in excess of $100 million, and reimbursement of legal costs and the costs of the arbitration. NewLead has also requested that the arbitration tribunal declare that the agreement between NewLead and Ironridge is terminated and/or void ab initio , and that Ironridge has no entitlement to the issuance of additional common shares of NewLead.
Although the Company has continually indicated it has no desire to receive or intent to accept any further funding from Ironridge, until and subject to the resolution of the arbitration, Ironridge has unilaterally waived conditions under their notes, which notes were not due without such waiver, to attempt to force the Company to receive funding under the transaction documents, which funding has been returned by the Company. As Ironridge’s forced funding was not pursuant to any obligations it has under the transaction documents, the Company believes it is an attempt to be able to convert further preferred shares, while continuing to abuse the irrevocable instruction letter in order to immediately sell, as many common shares as possible. To this end, and notwithstanding the foregoing, following the forced funding, Ironridge immediately converted a portion of the preferred shares corresponding to the note it force funded and requested common shares, despite having the returned funds and the existence of the arbitration.
These actions, together with Ironridge’s request for substantial numbers of additional common shares on an almost daily basis, do not support Ironridge’s representations to the Company at the outset of its investment that it wished to be a "long-term” investor. Ironridge continues to sell substantial numbers of common shares of the Company on a daily basis, to the detriment of the Company and all of its stockholders. In this regard, Ironridge has already requested and/or received an aggregate of approximately 62 million common shares (through July 6, 2014, adjusted to give effect to the 1-for-50 reverse stock split, effective May 15, 2014) and has received approximately $22.8 million of proceeds (based upon information received from Ironridge) on the sale, in the Company's belief, of approximately 44 million of such common shares through June 30, 2014. These amounts include approximately 4.7 million common shares of Ironridge’s recent conversion of further preferred shares pursuant to the forced funding as outlined above. The balance of the share amount, approximately 57.3 million common shares requested and/or received, are the result of the conversions of the preferred shares it received at closing, which conversions are continuing under such initially received preferred shares when it advanced proceeds of $2.5 million and received preferred shares in lieu of a fee.
So that would be about 13mil left which could be done and remember they ask for more and newl rejected it and didnt issue anymore for them..
On August 13, 2014, Ironridge Global IV, Ltd. (“Ironridge”) requested an additional 2.8 million common shares of NewLead Holdings Ltd. (the “Company”) and, on August 21, 2014, Ironridge requested an additional 3.2 million common shares of the Company. As of August 21, 2014, Ironridge has requested and/or received approximately 14.5 million shares (adjusted to reflect the 1-for-50 reverse split effective as of May 15, 2014 and the 1-for-50 reverse split effective as of July 15, 2014), as contained in Exhibit A, 7.3 million of which have been requested but not issued, and are therefore not included in the shares outstanding number below.
As of July 31, 2014, Ironridge has invested $2.5 million in the Company and force funded another $2.5 million, which was immediately returned pending resolution of the arbitration, and, as disclosed to the Company by Ironridge, has sold the common shares of the Company issued to it for aggregate proceeds of $32.3 million.
As of August 21, 2014, the Company had approximately 33.4 million shares outstanding.
6. BOTTOM IS IN
http://stockcharts.com/c-sc/sc?s=NEWL&p=D&yr=0&mn=2&dy=0&i=t07383163264&r=1407859102004
7. ASSETS
Current assets
Cash and cash equivalents $ 2,271 $ 1,043
Restricted cash 8 - 1,311
Trade receivables, net 3,573 3,586
Other receivables 3,224 4,980
Due from related parties 10 5
Due from Joint Ventures 1,679 -
Inventories 288 81
Prepaid expenses 888 646
Deferred charges, net 12 489 573
Total current assets 12,422 12,225
Restricted cash 8 31 31
Investments in Joint Ventures 6 - 1,040
Advances for acquisition of coal property 5 21,855 11,000
Advances for vessel acquisition 10 22,747 -
Vessels and other fixed assets, net 10 35,067 37,503
Property equipement and mine development costs 11 10,051 -
Owned and leased mineral net of accumulated depletion rights, land and building 11 20,977 -
Goodwill 7 28,007 -
Other non-current assets 174 -
Total non-current assets 138,909 49,574
Total assets $ 151,331 $ 61,799
8.
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Current portion of long-term debt 16 $ 60,306 $ 78,739
Accounts payable, trade 13 21,451 13,618
Accrued liabilities 14 15,173 10,660
Share settled debt 15 72,595 -
Convertible notes, net 17 101,651 62,552
Promissory notes payable 5 - 11,000
Derivative financial instruments 22 20,491 767
Due to related parties 34 90
Total current liabilities 291,701 177,426
Non-current liabilities
Asset retirement obligations 18 979 -
Total non-current liabilities 979 -
Total liabilities 292,680 177,426
9.
Our current limited coal operations include: (i) the rights to mine at the Viking Mine located in Pike, Floyd, and
Letcher Counties in Kentucky, with approximately 4,795 mineral acres, which rights were acquired in September 2013; (ii) a coal wash plant in located in
Pike County, Kentucky, which was acquired in December 2013; and (iii) three executive employees with extensive mining expertise that manage and supervise
the Company’s mining operations. In addition, in January 2014, we were granted access to develop and mine at the Five Mile Mine located in Breathitt County,
Kentucky, which represents approximately 7,695 mineral acres. We previously entered into an agreement to acquire title to the Five Mile Mine in 2012 which
was under default during 2013, however amounts due under the agreement have been added to the agreement between us and Hanover Holdings I LLC
agreement (“Hanover agreement”) (see also Item 5. Operating and Financial Review and Prospects-Recent Developments-Accounts Payable Settlement
(December 6, 2013), and during January 2014, required payments were made through Hanover agreement, and if the remaining payments are made pursuant
to the Hanover agreement, we anticipate that we will close that acquisition and acquire title to the Five Mile Mine by the end of 2014. We are also currently in
advanced negotiations to acquire approximately 1,900 mineral acres in Cumberland County, Kentucky, which is known as the Marrowbone Mine. The letter
of intent relating to the acquisition of the Marrowbone Mine had an exclusivity period that ran through March 31, 2014, although management continues to
negotiate for the acquisition of the Marrowbone Mine. We have not yet made the necessary payments to acquire title to the Five Mile Mine and have not yet
finalized the negotiations regarding the acquisition of the Marrowbone Mine and, as a result, these transactions have not yet closed. In addition to the properties
that we have acquired in Kentucky, we are in discussions for the acquisition of additional coal properties located in the United States.
Five Mile Mine
In December 2012, we entered into an agreement to purchase (i) the ownership and mineral rights to approximately 7,695 acres of land in Breathitt
County, Kentucky, which is referred to as the Five Mile Mine, and (ii) approximately 18,335 acres in Campbell and Scott Counties in Tennessee, which is
referred to as the Tennessee Property. As discussed more fully below, our agreement to acquire the Tennessee Property has terminated and is of no further force
or effect.
The Five Mile Mine encompasses at least nine seams. The mineable reserves we expect to mine are in the Hazard seven through eleven seams as well as
Skyline seams one through four. These seams are included in the areas between Howards Creek and Middle Fork on the east and west sides of the property
and Howards Creek to Lick Branch on the north and south sides of the property. Historically, these seams contain low to high quality bituminous steam coal
which has been mined from the Pre-Civil War era until the present. Available geological mapping from the United States Geological Survey (U.S.G.S.) shows
the site to be underlain by the Breathitt formation which consists of cyclic sequences of sandstone, shale, coals and fireclays.
The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
Coal Sale Purchase Agreements (Purchase Agreements) As of December 31, 2013, New Lead JMEG LLC entered into two Sale Purchase Agreements with a third party to purchase from such third party thermal coal located in Kentucky, USA. The commencement period of the agreements, which were revised on March 17, 2013, is considered to be the first shipment of coal, which is expected to take place during the fourth quarter of 2014 or as otherwise agreed
Marrowbone Mine
We have entered into a letter of intent to acquire all of the issued and outstanding capital stock of a corporation that holds title and mineral evacuation
rights to approximately 1,900 mineral acres in Cumberland County, Kentucky, which is known as Marrowbone Mine. We are currently in advanced
negotiations relating to the acquisition of Marrowbone Mine. The letter of intent relating to the acquisition had an exclusivity period that ran through March 31,
2014, although management continues to negotiate for the acquisition of the marrowbone Mine.
Tennessee Property
We previously entered into an agreement to acquire ownership and leasehold interests, including rights, title, permits and leases to coal mines, to the
Tennessee Property. However, as we were not able to obtain the necessary financing to satisfy its payment obligations under the purchase agreement for the
Tennessee Property, we entered into an agreement, pursuant to which it was to be permitted to use the property through a one-year lease agreement. On June 7,
2013, due to a default under the lease agreement, we assigned all rights under the permits, mining contracts and other mining assets relating to the Tennessee
Property back to the seller. As a result of the default, our agreement to acquire the Tennessee Property terminated and is of no further force or effect. We may be
liable to the seller for damages or any amounts owed under the agreements; however, as of the date hereof, the seller has not initiated any actions against us
based on such defaults.
Rock Formations, Mineralization and Reserves
The properties in Kentucky also include natural gas wells and projects relating to extraction of timber, sand, gravel, fly ash and dimension stone. We
expect third parties to extract some of these commodities on the properties and pay royalties; however, we may decide to extract these commodities itself.
On September 22, 2014, NewLead Holdings Ltd. (the “Company”) announced that the “Newlead Castellano,” a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt, was delivered to the Company’s fleet on September 16, 2014. The Newlead Castellano is trading on the spot market. The Company agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K and is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 23, 2014
Delivery of the Third Eco-Type Handysize Vessel since January 2014
PIRAEUS, Greece, September 22, 2014 - NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that the "Newlead Castellano", a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt, was delivered to NewLead's owned fleet on September 16, 2014.
The Newlead Castellano is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
The Newlead Castellano is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet since January 2014. NewLead had agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced. The other two Handysize vessels, the Newlead Albion and the Newlead Venetico, both of which the Company had agreed to acquire in March 2014, for a total acquisition price of $37.0 million, were delivered on May 19, 2014 and July 25, 2014, respectively, as already announced.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, “We are pleased to announce the delivery of the Newlead Castellano as scheduled. This is the third modern and fuel efficient vessel to be delivered to NewLead's fleet in less than a year. Today, NewLead's fleet is completely transformed and optimized. We have expanded our fleet by 85.7%, from two vessels to five vessels in less than one year. Today, we have a total fleet of eight vessels, including three tanker vessels under management. The average fleet age of our owned vessels is 8.53 years, reduced from 18.5 years at the beginning of this year."
Michael Zolotas, added, "We are accelerating the execution of our strategy to rebuild our fleet while focusing on younger vessels to ensure a longer revenue capacity through extended employment lifetime. We continue to capture on opportunities to grow our fleet to establish a strong platform ready to benefit from market and industry opportunities."
Fleet Update
The following table details NewLead's fleet as of September 22, 2014:
Vessel Name Size (dwts) Vessel Type Year Built
Dry Bulk Vessels
Newlead Castellano 35,542 Eco-type Handysize 2013
Newlead Albion 32,318 Eco-type Handysize 2012
Newlead Venetico 32,500 Eco-type Handysize 2012
Newlead Victoria 75,966 Panamax 2002
Newlead Markela 71,733 Panamax 1990
Tanker Vessels 1
Captain Nikolas I 5,887 Chemical Tanker/Asphalt Carrier 2009
M/T Sofia 2,888 Chemical Tanker/Asphalt Carrier 2008
Gema 19,831 Oil Tanker 2001
1. These vessels are under management by Newlead Shipping SA
The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
Coal Sale Purchase Agreements (Purchase Agreements) As of December 31, 2013, New Lead JMEG LLC entered into two Sale Purchase Agreements with a third party to purchase from such third party thermal coal located in Kentucky, USA. The commencement period of the agreements, which were revised on March 17, 2013, is considered to be the first shipment of coal, which is expected to take place during the fourth quarter of 2014 or as otherwise agreed
The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
PIRAEUS, Greece, Oct. 23, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".
The Newlead Castellano has been chartered-out at a gross rate of $9,500 per day, minus a 6.25% commission payable to third parties, for a minimum of three and a maximum of five months. This employment is anticipated to generate approximately $855,000 of gross revenue for the minimum scheduled period of the time charter.
The Newlead Castellano is a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt and is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet in 2014.
As previously announced on September 22, 2014, when NewLead took delivery of the Newlead Castellano, the vessel is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We continue to capitalize on opportunities that arise in the dry bulk sector to increase the cash flow and future revenues of the Company. The Newlead Castellano has been fixed at a premium to current market charter rates."
Five Mile Mine
Project Location, Access and Areas of Operation
The Five Mile Mine consists of a group of 42 surface and mineral leases located at Canoe Quadrangle, Breathitt County, Kentucky, approximately 2.1
miles NW of Copeland and 1.8 miles west of the North Fork of the Kentucky River off Kentucky highway 1110. The total acreage under lease is
approximately 7,695 acres. Primary access to the property is at Howard’s Creek Road off highway Kentucky 1110 to the project’s main access at Howard’s
Creek Road. Transportation of the coal to purchasers is available through a rail terminal approximately one mile from the property.
The Five Mile Mine already has permits related to the operation of the mine and the Andy Terminal Unit Train Loadout.
Agreements for Surface/Mineral Rights
We continue to pursue the acquisition of title to the Five Mile Mine and currently anticipate that it will close that acquisition by the end of 2014 through
the payment of the promissory notes in the amount of $11.0 million under the Hanover agreement.
Equipment, Infrastructure and Other Facilities
The Andy Terminal Unit Train Loadout and CSX Rail Siding that we will use to transport coal are located near Haddix, Breathitt County, Kentucky
and can load a unit train in approximately 4.5 - 6 hours at an average rate of 1800 TPH (tons per hour). A rail siding is a short railroad track connected with
the main track. At this location, the rail siding and the connecting railway are part of the railroad operated by CSX Corporation, Inc. The terminal facility was
constructed in 2005 by Taggert Global for Bluestone Coal Company and is most recently owned by Kentucky Fuel Corporation. The terminal consists of one
truck scale, two stockpile areas, two tunnels with feeders, one crusher, three conveyors, one electromagnet, one belt sampler, one control room and circular
rail siding on the CSX Railway, which is the adjoining railroad operated by CSX Corporation, Inc.
Previous Operations
The Five Mile Mine property is a so-called “greenfield property,” meaning there have been no previous operations on the property.
Property Condition, Exploration and Development
Although the Five Mile Mine property is a greenfield property, access roads and haul roads are under construction. The mine on this property will be an
open-pit mine. Our mining plan for the property is consistent with industry practice and will entail contour mining as well as auger/highwall mining for lower
seams. We intend to use contract miners who will be responsible for conducting water studies and geophysical surveys of potential aquifers and supplying
water to the property. If we operate the mine, we will conduct the water studies and geophysical surveys of potential aquifers and supply water to the property.
We will work with local power authorities and suppliers to provide power to the mines and associated facilities on the property. At this time it is not known
what the estimated cost associated with these projects will be.
As of December 31, 2013, we have incurred approximately $1.0 million for development costs related to the Five Mile Mine, in addition to approximately
$0.5 million costs that we have incurred related to its acquisition, which has not yet been completed.
Rock Formations, Mineralization and Reserves
The Five Mile Mine encompasses at least nine seams. The mineable reserves we expect to mine are in the Hazard seven through eleven seams as well as
Skyline seams one through four. These seams are included in the areas between Howards Creek and Middle Fork on the east and west sides of the property
and Howards Creek to Lick Branch on the north and south sides of the property. Historically, these seams contain low to high quality bituminous steam coal
which has been mined from the Pre-Civil War era until the present. Available geological mapping from the United States Geological Survey (U.S.G.S.) shows
the site to be underlain by the Breathitt formation which consists of cyclic sequences of sandstone, shale, coals and fireclays.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Viking Mine
Project Location, Access and Areas of Operation
In September 2013, we acquired the rights to mine at the Viking Mine located in Pike, Floyd, and Letcher Counties in Kentucky, with approximately
4,795 mineral acres.
Agreements for Surface/Mineral Rights
The property consists of 4,795 acres which are included in one leasehold. There are several mineable coal seams on the property. There have previously
been agreements for leasing this property in total for mining rights on all coal seams.
Equipment, Infrastructure and Other Facilities
The Viking Mine has no equipment or facilities associated with the acquisition. However, there are permits in place which would be considered assets,
without which there would be no means of recovering the mineral which is in place on the leasehold. Permits are held from the KY Division of Mine
Reclamation and Enforcement and the KY Division Of Water. Additional licensing will be necessary from the KY Office of Mine Safety and Licensing, and
the US Mine Safety and Health Administration prior to the restart of active mining operations .
Previous Operations
This area was being mined by surface mining methods at the time of the acquisition, by a contract miner. The contract operator was operating on a
month to month basis. After the acquisition of the Viking Mine, that arrangement was ended and the active mining ceased. It has not been activated since the
acquisition date.
Property Condition, Exploration and Development
At this point the Viking Mine is inactive. There are, however, continuing obligations on the property which must be maintained in order to keep the
permits and licenses in good standing with the regulatory authorities. The contemporaneous reclamation will be brought into compliance once mining is
restarted on the property. Any other issues which need attention must be handled accordingly by contracting out the work to maintain compliance. There will
be additional exploration necessary on the property in order to prove the reserves in each of the seams and comply with the requirements of a proper reserve
estimate. Once the lease negotiations yield a suitable agreement, further development, permitting and mining may once again be initiated.
Rock Formations, Mineralization and Reserves
The properties in Kentucky also include natural gas wells and projects relating to extraction of timber, sand, gravel, fly ash and dimension stone. We
expect third parties to extract some of these commodities on the properties and pay royalties; however, we may decide to extract these commodities itself.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Make sure all read the SCUMBAGS of IRONRIDGE and what they did..
1. Newl will not RS on grey do to up listing on QB IMO...
Once the Form 15c-211 is cleared, the Company hopes to have its shares trade on the OTCQB market. The Company has engaged a market maker to file the necessary application with FINRA. The Company intends to make a further announcement regarding its trading market once the application is cleared.
2. On August 13, 2014, Ironridge Global IV, Ltd. (“Ironridge”) requested an additional 2.8 million common shares of NewLead Holdings Ltd. (the “Company”) and, on August 21, 2014, Ironridge requested an additional 3.2 million common shares of the Company. As of August 21, 2014, Ironridge has requested and/or received approximately 14.5 million shares (adjusted to reflect the 1-for-50 reverse split effective as of May 15, 2014 and the 1-for-50 reverse split effective as of July 15, 2014), as contained in Exhibit A, 7.3 million of which have been requested but not issued, and are therefore not included in the shares outstanding number below.
As of July 31, 2014, Ironridge has invested $2.5 million in the Company and force funded another $2.5 million, which was immediately returned pending resolution of the arbitration, and, as disclosed to the Company by Ironridge, has sold the common shares of the Company issued to it for aggregate proceeds of $32.3 million.
As of August 21, 2014, the Company had approximately 33.4 million shares outstanding.
As of July 31, 2014, Ironridge has invested $2.5 million in the Company and force funded another $2.5 million, which was immediately returned pending resolution of the arbitration, and, as disclosed to the Company by Ironridge, has sold the common shares of the Company issued to it for aggregate proceeds of $32.3 million.
On September 11, 2014, Ironridge Global IV, Ltd. (“Ironridge”) requested an additional 3,830,396 common shares of NewLead Holdings Ltd. (the “Company”). As of September 11, 2014, Ironridge had requested and/or received approximately 18.3 million shares (adjusted to reflect the 1-for-50 reverse split effective as of May 15, 2014 and the 1-for-50 reverse split effective as of July 15, 2014), as contained in Exhibit A, approximately 7.0 million of which have been requested but not issued, and are therefore not included in the shares outstanding number below.
As of July 31, 2014, Ironridge has invested $2.5 million in the Company and force funded another $2.5 million, which was immediately returned pending resolution of the arbitration, and, as disclosed to the Company by Ironridge, has sold the common shares of the Company issued to it for aggregate proceeds of $32.3 million.
As of September 12, 2014, the Company had approximately 42.6 million shares outstanding.
3. QB
http://www.otcmarkets.com/marketplaces/otcqb
4. All vessels got announced and delivered..
NewLead Holdings Ltd.
Announces
Delivery of the Third Eco-Type Handysize Vessel since January 2014
PIRAEUS, Greece, September 22, 2014 - NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that the "Newlead Castellano", a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt, was delivered to NewLead's owned fleet on September 16, 2014.
The Newlead Castellano is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
The Newlead Castellano is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet since January 2014. NewLead had agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced. The other two Handysize vessels, the Newlead Albion and the Newlead Venetico, both of which the Company had agreed to acquire in March 2014, for a total acquisition price of $37.0 million, were delivered on May 19, 2014 and July 25, 2014, respectively, as already announced.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, “We are pleased to announce the delivery of the Newlead Castellano as scheduled. This is the third modern and fuel efficient vessel to be delivered to NewLead's fleet in less than a year. Today, NewLead's fleet is completely transformed and optimized. We have expanded our fleet by 85.7%, from two vessels to five vessels in less than one year. Today, we have a total fleet of eight vessels, including three tanker vessels under management. The average fleet age of our owned vessels is 8.53 years, reduced from 18.5 years at the beginning of this year."
Michael Zolotas, added, "We are accelerating the execution of our strategy to rebuild our fleet while focusing on younger vessels to ensure a longer revenue capacity through extended employment lifetime. We continue to capture on opportunities to grow our fleet to establish a strong platform ready to benefit from market and industry opportunities."
Fleet Update
The following table details NewLead's fleet as of September 22, 2014:
Vessel Name Size (dwts) Vessel Type Year Built
Dry Bulk Vessels
Newlead Castellano 35,542 Eco-type Handysize 2013
http://www.prnewswire.com/news-releases/newlead-holdings-ltd-announces-delivery-of-the-third-eco-type-handysize-vessel-since-january-2014-275993821.html
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Newlead Albion 32,318 Eco-type Handysize 2012
http://worldmaritimenews.com/archives/124170/newlead-modernizes-its-fleet/
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Newlead Venetico 32,500 Eco-type Handysize 2012
http://www.ship.gr/news6/newlead55s7.htm
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Newlead Victoria 75,966 Panamax 2002
http://www.shipspotting.com/gallery/photo.php?lid=1424988
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Newlead Markela 71,733 Panamax 1990
http://www.seanews.com.tr/article/TURSHIP/43011/The-Newlead-Markela-suffered-an-explosion-in-its-cargo-of-coal-on-Nov-13--2010--at-2-p.m.--followed-by-a-fire--which-could-be-extinguished-soon.-/
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Tanker Vessels 1
Captain Nikolas I 5,887 Chemical Tanker/Asphalt Carrier 2009
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
M/T Sofia 2,888 Chemical Tanker/Asphalt Carrier 2008
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Gema 19,831 Oil Tanker 2001
Last Position Received
Info Received: 13 h, 2 min ago (2014-11-23 06:35)
Area: Persian Gulf
Latitude / Longitude: 29.69833° / 48.66025°
Status: Stopped
Speed/Course: 0.1kn / -
AIS Source: 1912
http://www.marinetraffic.com/ais/details/ships/shipid:300958/mmsi:256071000/imo:9171199/vessel:GEMA
1. These vessels are under management by Newlead Shipping SA
5. 125mil court suit possible
June 23, 2014, in arbitration proceedings currently pending between the Company and Ironridge Global IV, Ltd. ("Ironridge"), the Company filed claims against Ironridge for breach of contract, fraudulent inducement of contract and fraud, securities market manipulation and misrepresentation in violation of United States federal securities laws, unjust enrichment, and violation of 15 U.S.C. 78p(b), seeking disgorgement of short-swing profits, damages in excess of $25 million, punitive damages in excess of $100 million, and reimbursement of legal costs and the costs of the arbitration. NewLead has also requested that the arbitration tribunal declare that the agreement between NewLead and Ironridge is terminated and/or void ab initio, and that Ironridge has no entitlement to the issuance of additional common shares of NewLead.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
1. These vessels are under management by Newlead Shipping SA
So the scumbags had $22mil in proceeds and now they got $32.4 scamed from NEWL AND THE SHAREHOLDERS...
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10086600
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10167215
NEWL) (“NewLead” or the “Company”) announced today that on June 23, 2014, in arbitration proceedings currently pending between the Company and Ironridge Global IV, Ltd. (“Ironridge”), the Company filed claims against Ironridge for breach of contract, fraudulent inducement of contract and fraud, securities market manipulation and misrepresentation in violation of United States federal securities laws, unjust enrichment, and violation of 15 U.S.C. 78p(b), seeking disgorgement of short-swing profits, damages in excess of $25 million, punitive damages in excess of $100 million, and reimbursement of legal costs and the costs of the arbitration. NewLead has also requested that the arbitration tribunal declare that the agreement between NewLead and Ironridge is terminated and/or void ab initio , and that Ironridge has no entitlement to the issuance of additional common shares of NewLead.
Although the Company has continually indicated it has no desire to receive or intent to accept any further funding from Ironridge, until and subject to the resolution of the arbitration, Ironridge has unilaterally waived conditions under their notes, which notes were not due without such waiver, to attempt to force the Company to receive funding under the transaction documents, which funding has been returned by the Company. As Ironridge’s forced funding was not pursuant to any obligations it has under the transaction documents, the Company believes it is an attempt to be able to convert further preferred shares, while continuing to abuse the irrevocable instruction letter in order to immediately sell, as many common shares as possible. To this end, and notwithstanding the foregoing, following the forced funding, Ironridge immediately converted a portion of the preferred shares corresponding to the note it force funded and requested common shares, despite having the returned funds and the existence of the arbitration.
These actions, together with Ironridge’s request for substantial numbers of additional common shares on an almost daily basis, do not support Ironridge’s representations to the Company at the outset of its investment that it wished to be a "long-term” investor. Ironridge continues to sell substantial numbers of common shares of the Company on a daily basis, to the detriment of the Company and all of its stockholders. In this regard, Ironridge has already requested and/or received an aggregate of approximately 62 million common shares (through July 6, 2014, adjusted to give effect to the 1-for-50 reverse stock split, effective May 15, 2014) and has received approximately $22.8 million of proceeds (based upon information received from Ironridge) on the sale, in the Company's belief, of approximately 44 million of such common shares through June 30, 2014. These amounts include approximately 4.7 million common shares of Ironridge’s recent conversion of further preferred shares pursuant to the forced funding as outlined above. The balance of the share amount, approximately 57.3 million common shares requested and/or received, are the result of the conversions of the preferred shares it received at closing, which conversions are continuing under such initially received preferred shares when it advanced proceeds of $2.5 million and received preferred shares in lieu of a fee.
So that would be about 13mil left which could be done and remember they ask for more and newl rejected it and didnt issue anymore for them..
On August 13, 2014, Ironridge Global IV, Ltd. (“Ironridge”) requested an additional 2.8 million common shares of NewLead Holdings Ltd. (the “Company”) and, on August 21, 2014, Ironridge requested an additional 3.2 million common shares of the Company. As of August 21, 2014, Ironridge has requested and/or received approximately 14.5 million shares (adjusted to reflect the 1-for-50 reverse split effective as of May 15, 2014 and the 1-for-50 reverse split effective as of July 15, 2014), as contained in Exhibit A, 7.3 million of which have been requested but not issued, and are therefore not included in the shares outstanding number below.
As of July 31, 2014, Ironridge has invested $2.5 million in the Company and force funded another $2.5 million, which was immediately returned pending resolution of the arbitration, and, as disclosed to the Company by Ironridge, has sold the common shares of the Company issued to it for aggregate proceeds of $32.3 million.
As of August 21, 2014, the Company had approximately 33.4 million shares outstanding.
6. BOTTOM IS IN
http://stockcharts.com/c-sc/sc?s=NEWL&p=D&yr=0&mn=2&dy=0&i=t07383163264&r=1407859102004
7. ASSETS
Current assets
Cash and cash equivalents $ 2,271 $ 1,043
Restricted cash 8 - 1,311
Trade receivables, net 3,573 3,586
Other receivables 3,224 4,980
Due from related parties 10 5
Due from Joint Ventures 1,679 -
Inventories 288 81
Prepaid expenses 888 646
Deferred charges, net 12 489 573
Total current assets 12,422 12,225
Restricted cash 8 31 31
Investments in Joint Ventures 6 - 1,040
Advances for acquisition of coal property 5 21,855 11,000
Advances for vessel acquisition 10 22,747 -
Vessels and other fixed assets, net 10 35,067 37,503
Property equipement and mine development costs 11 10,051 -
Owned and leased mineral net of accumulated depletion rights, land and building 11 20,977 -
Goodwill 7 28,007 -
Other non-current assets 174 -
Total non-current assets 138,909 49,574
Total assets $ 151,331 $ 61,799
8.
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Current portion of long-term debt 16 $ 60,306 $ 78,739
Accounts payable, trade 13 21,451 13,618
Accrued liabilities 14 15,173 10,660
Share settled debt 15 72,595 -
Convertible notes, net 17 101,651 62,552
Promissory notes payable 5 - 11,000
Derivative financial instruments 22 20,491 767
Due to related parties 34 90
Total current liabilities 291,701 177,426
Non-current liabilities
Asset retirement obligations 18 979 -
Total non-current liabilities 979 -
Total liabilities 292,680 177,426
9.
Our current limited coal operations include: (i) the rights to mine at the Viking Mine located in Pike, Floyd, and
Letcher Counties in Kentucky, with approximately 4,795 mineral acres, which rights were acquired in September 2013; (ii) a coal wash plant in located in
Pike County, Kentucky, which was acquired in December 2013; and (iii) three executive employees with extensive mining expertise that manage and supervise
the Company’s mining operations. In addition, in January 2014, we were granted access to develop and mine at the Five Mile Mine located in Breathitt County,
Kentucky, which represents approximately 7,695 mineral acres. We previously entered into an agreement to acquire title to the Five Mile Mine in 2012 which
was under default during 2013, however amounts due under the agreement have been added to the agreement between us and Hanover Holdings I LLC
agreement (“Hanover agreement”) (see also Item 5. Operating and Financial Review and Prospects-Recent Developments-Accounts Payable Settlement
(December 6, 2013), and during January 2014, required payments were made through Hanover agreement, and if the remaining payments are made pursuant
to the Hanover agreement, we anticipate that we will close that acquisition and acquire title to the Five Mile Mine by the end of 2014. We are also currently in
advanced negotiations to acquire approximately 1,900 mineral acres in Cumberland County, Kentucky, which is known as the Marrowbone Mine. The letter
of intent relating to the acquisition of the Marrowbone Mine had an exclusivity period that ran through March 31, 2014, although management continues to
negotiate for the acquisition of the Marrowbone Mine. We have not yet made the necessary payments to acquire title to the Five Mile Mine and have not yet
finalized the negotiations regarding the acquisition of the Marrowbone Mine and, as a result, these transactions have not yet closed. In addition to the properties
that we have acquired in Kentucky, we are in discussions for the acquisition of additional coal properties located in the United States.
Five Mile Mine
In December 2012, we entered into an agreement to purchase (i) the ownership and mineral rights to approximately 7,695 acres of land in Breathitt
County, Kentucky, which is referred to as the Five Mile Mine, and (ii) approximately 18,335 acres in Campbell and Scott Counties in Tennessee, which is
referred to as the Tennessee Property. As discussed more fully below, our agreement to acquire the Tennessee Property has terminated and is of no further force
or effect.
The Five Mile Mine encompasses at least nine seams. The mineable reserves we expect to mine are in the Hazard seven through eleven seams as well as
Skyline seams one through four. These seams are included in the areas between Howards Creek and Middle Fork on the east and west sides of the property
and Howards Creek to Lick Branch on the north and south sides of the property. Historically, these seams contain low to high quality bituminous steam coal
which has been mined from the Pre-Civil War era until the present. Available geological mapping from the United States Geological Survey (U.S.G.S.) shows
the site to be underlain by the Breathitt formation which consists of cyclic sequences of sandstone, shale, coals and fireclays.
The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
Coal Sale Purchase Agreements (Purchase Agreements) As of December 31, 2013, New Lead JMEG LLC entered into two Sale Purchase Agreements with a third party to purchase from such third party thermal coal located in Kentucky, USA. The commencement period of the agreements, which were revised on March 17, 2013, is considered to be the first shipment of coal, which is expected to take place during the fourth quarter of 2014 or as otherwise agreed
Marrowbone Mine
We have entered into a letter of intent to acquire all of the issued and outstanding capital stock of a corporation that holds title and mineral evacuation
rights to approximately 1,900 mineral acres in Cumberland County, Kentucky, which is known as Marrowbone Mine. We are currently in advanced
negotiations relating to the acquisition of Marrowbone Mine. The letter of intent relating to the acquisition had an exclusivity period that ran through March 31,
2014, although management continues to negotiate for the acquisition of the marrowbone Mine.
Tennessee Property
We previously entered into an agreement to acquire ownership and leasehold interests, including rights, title, permits and leases to coal mines, to the
Tennessee Property. However, as we were not able to obtain the necessary financing to satisfy its payment obligations under the purchase agreement for the
Tennessee Property, we entered into an agreement, pursuant to which it was to be permitted to use the property through a one-year lease agreement. On June 7,
2013, due to a default under the lease agreement, we assigned all rights under the permits, mining contracts and other mining assets relating to the Tennessee
Property back to the seller. As a result of the default, our agreement to acquire the Tennessee Property terminated and is of no further force or effect. We may be
liable to the seller for damages or any amounts owed under the agreements; however, as of the date hereof, the seller has not initiated any actions against us
based on such defaults.
Rock Formations, Mineralization and Reserves
The properties in Kentucky also include natural gas wells and projects relating to extraction of timber, sand, gravel, fly ash and dimension stone. We
expect third parties to extract some of these commodities on the properties and pay royalties; however, we may decide to extract these commodities itself.
On September 22, 2014, NewLead Holdings Ltd. (the “Company”) announced that the “Newlead Castellano,” a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt, was delivered to the Company’s fleet on September 16, 2014. The Newlead Castellano is trading on the spot market. The Company agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K and is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 23, 2014
Delivery of the Third Eco-Type Handysize Vessel since January 2014
PIRAEUS, Greece, September 22, 2014 - NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that the "Newlead Castellano", a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt, was delivered to NewLead's owned fleet on September 16, 2014.
The Newlead Castellano is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
The Newlead Castellano is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet since January 2014. NewLead had agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced. The other two Handysize vessels, the Newlead Albion and the Newlead Venetico, both of which the Company had agreed to acquire in March 2014, for a total acquisition price of $37.0 million, were delivered on May 19, 2014 and July 25, 2014, respectively, as already announced.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, “We are pleased to announce the delivery of the Newlead Castellano as scheduled. This is the third modern and fuel efficient vessel to be delivered to NewLead's fleet in less than a year. Today, NewLead's fleet is completely transformed and optimized. We have expanded our fleet by 85.7%, from two vessels to five vessels in less than one year. Today, we have a total fleet of eight vessels, including three tanker vessels under management. The average fleet age of our owned vessels is 8.53 years, reduced from 18.5 years at the beginning of this year."
Michael Zolotas, added, "We are accelerating the execution of our strategy to rebuild our fleet while focusing on younger vessels to ensure a longer revenue capacity through extended employment lifetime. We continue to capture on opportunities to grow our fleet to establish a strong platform ready to benefit from market and industry opportunities."
Fleet Update
The following table details NewLead's fleet as of September 22, 2014:
Vessel Name Size (dwts) Vessel Type Year Built
Dry Bulk Vessels
Newlead Castellano 35,542 Eco-type Handysize 2013
Newlead Albion 32,318 Eco-type Handysize 2012
Newlead Venetico 32,500 Eco-type Handysize 2012
Newlead Victoria 75,966 Panamax 2002
Newlead Markela 71,733 Panamax 1990
Tanker Vessels 1
Captain Nikolas I 5,887 Chemical Tanker/Asphalt Carrier 2009
M/T Sofia 2,888 Chemical Tanker/Asphalt Carrier 2008
Gema 19,831 Oil Tanker 2001
1. These vessels are under management by Newlead Shipping SA
ANYTHING CAN HAPPEN TO YOUR INVESTMENTS PLEASE DO YOUR DD BEFORE INVESTING AND MAKE $$$$$!!!!!!
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