RANGE IMPACT, INC. (RNGE): M&A transaction — Range Impact sells non-core assets to cancel $2.94M debt; exits AML business

RANGE IMPACT, INC.

On Aug 22, 2024, Collins Building sold mechanic shop, stone quarry, vehicles to Collins-owned entities in exchange for discharge of $2,940,836 in promissory notes.
Assets were originally acquired from Roger L. Collins Jr. in Aug 2023 to expand into abandoned mine land (AML) reclamation in West Virginia.
Board decided to exit AML business due to administrative/operational challenges; will now focus on reclaiming and repurposing company-owned mine sites.
Deal was structured as a full cancellation of outstanding principal and accrued interest; no cash changed hands.
CEO Cavanaugh stated sale allows the company to focus capital on land arbitrage investing for long-term shareholder value.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

RANGE IMPACT, INC. completed a disposition involving Haney's Equipment LLC, Collins Reclamation LLC, R L Collins LLC, and Braxton Materials LLC (entities owned and controlled by Roger L. Collins Jr.) for full and complete cancellation and discharge of the outstanding, unpaid principal balance and accrued interest totaling $2,940,836 on two promissory notes (closed 2024-08-22).

Action: disposition
Counterparty: Haney's Equipment LLC, Collins Reclamation LLC, R L Collins LLC, and Braxton Materials LLC (entities owned and controlled by Roger L. Collins Jr.)
Consideration: full and complete cancellation and discharge of the outstanding, unpaid principal balance and accrued interest totaling $2,940,836 on two promissory notes
Closing: 2024-08-22

Exact text from the filing

personal property to the Purchasers in exchange for the full and complete cancellation and discharge of the outstanding, unpaid principal balance and accrued interest totaling $2,940,836 on two promissory notes made by Collins Building in favor of Mr. Collins (collectively, the “Indebtedness”). The Asset Purchase Agreement contains terms, conditions, covenants,

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4 m&a transactions filed in the last 30 days. Browse all m&a transactions →

RANGE IMPACT, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-034268

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