Big GLER News
Pacific Coast Plaza Inc. Executes Letter of Intent to Purchase 3.6 Million Metric Tons of Coal Valued at Over $300 Million From Global Earth Energy & Modern Coal JV
Global Earth Energy Inc. Enters Into Coal Mining Joint Venture With Modern Coal, LLC
WILMINGTON, NC, May 19, 2011 (MARKETWIRE via COMTEX) -- Global Earth Energy (OTCQB: GLER) (OTCBB: GLER) and its joint venture partner Modern Coal are pleased to announce the offer by Pacific Coast Plaza Inc. to purchase 100,000 metric tons of coal per month for a period of 36 months. The price of coal is approximately $85 per metric ton valuing the deal at over $300 million. The current plan is to have the coal loaded on barges from a suitable port yet to be determined.
Syd Harland, CEO of Global Earth Energy, commented, "We are extremely excited to have developed this relationship with Pacific Coast Plaza Inc. and are looking forward towards a long term, prosperous relationship. Due to this new offer, GLER will be looking to raise additional capital to purchase other coal sights in the area."
About Modern Coal Modern Coal is primarily an oil and gas company located in Midland, Texas. Brad Lamar is the CEO, with Hershiel Hayden and Thomas J. Sawarynski as his primary consultants. Together they have over 80 years of coal and energy experience.
About Global Earth Energy Inc. Global Earth Energy Inc. provides renewable energy solutions. In addition, the Company is pursuing joint venture agreements with green solution providers worldwide.
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