other material
confidence high
sentiment positive
materiality 0.85
Range Impact acquires Fola Mine Complex (120K acres), records $51.6M land value
RANGE IMPACT, INC.
- Acquired ~120,000 acres of real property interests at the Fola Mine Complex in West Virginia.
- Recorded $51.6M in additional land value ($8.5M appraised value + $43.1M capitalized asset retirement costs).
- Acquired 15 mining permits and assumed responsibility for 21 additional permits with ~$43.1M estimated ARO.
- Assumed two coal royalty agreements to fund reclamation; also acquired landlord interest in a 1,500-acre solar lease.
- Stockholders' equity increased from $834,405 to $6,538,522 primarily due to a $5,602,484 bargain purchase gain.