Global Earth Energy Inc. (GLER) sells coal, shares hike

Posted on: Thursday, May 19th, 2011
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Global Earth Energy Inc. (Pink Sheets: GLER) shares climbed 175.6% in price Thursday afternoon to 1.24 cents, on volume of 82.6 million shares, on word of a major sale of its holdings to Pacific Coast Plaza Inc.

The Wilmington, North Carolina-based Global Earth Energy — and its Texas-based joint-venture partner, Modern Coal — announced Thursday the offer by Pacific Coast Plaza Inc. to purchase 100,000 metric tons of coal per month for 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.

Global Earth CEO Syd Harland 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.”

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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Category: Alternative Energy Stocks, Energy Stocks, Penny Stocks, Pink Sheets
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