Royal Coal Corp. (TSXV:RDA,FWB:RLC) announced it has signed a mining agreement with Novadx (TSXV:NDX).
As quoted in the press release:
Royal Coal will also assume all ongoing mining equipment lease obligations necessary to continue operations and has agreed to make further payments to Novadx of approximately US$500,000.
Novadx’s CEO, Neil MacDonald said:
Royal Coal is the ideal operator for these properties given their existing infrastructure and proximity to the properties. We are happy to now share in this opportunity through an equity stake in Royal Coal.