other_material
confidence high
sentiment neutral
materiality 0.55
Range Impact subsidiary enters advisory agreement for sale of Ramp Run Mine; $775k contingent fee
RANGE IMPACT, INC.
- Range Sky to advise on sale of 424.80 surface acres, 3,773.60 mineral acres and 3 permits (Ramp Run Mine) by AppleAtcha and WV Reclaim.
- Advisory fee of $775k ($750k from AppleAtcha, $25k from WV Reclaim) due only upon closing of sale to a third party.
- AppleAtcha is owned by entities controlled by Joseph LoConti (Range's largest shareholder) and CEO Michael Cavanaugh (owns 20% via Devica Capital).
- LoConti also indirectly owns ~9% of Continental Heritage Insurance, which issued $1.24M reclamation bonds for the mine.
item 1.01