L&L Enters Into $5 million Equity Transaction with Institutional Investor to
Execute Wholesale Growth
SEATTLE, Aug. 15, 2013
SEATTLE, Aug. 15, 2013 /PRNewswire/ --L & L Energy, Inc. (NASDAQ: "LLEN")
("L&L" or the "Company"), a U.S.-based company with a track record of
profitable coal operations in China, today announced that it has settled
$5,000,000 in debt and trade payables, removing these obligations from its
balance sheet in exchange for the issuance of shares of its common stock and
freeing up cash flow for the Company to execute its wholesale growth with
Datang International Power Group ("Datang").
On May 15, 2013, the Company signed an updated contract to provide one million
tons of coal to a member of Datang, one of the five primary power generators
in China. Since then, the Company's strategic focus has been to execute the
Datang contract, aside from pursuing other strategic initiatives.
The Company, with the free up of cash flow, intends to accelerate the
execution of the Datang relationship and further build out its distribution
network in South China. L&L currently has three rail loading and blending
facilities strategically located to source coal from a broad area.L&L's
senior management is also exploring with Datang the leverage of its US network
to further reduce coal pollutants in the power generation process.
Mohan Datwani, Independent Board Member of L&L, commented, "Being from Asia,
Datang is a brand name. The transaction with Ironridge Global IV, Ltd., an
overseas passive investor, came at an opportune time as historically low
August coal prices create a favorable opportunity for us to secure large
quantities of coal. Further, we are in process of completing due diligence on
a large mining operation with over one million tons of annual capacity in
North China. The ability to free up working capital for acquisitions as well
as capital expenditures for the expansion of our current operations will be
important as we progress through our growth plans."
L&L Energy Inc.
SOURCE L & L Energy, Inc.
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