Royal Energy Resources, Inc. Amends and Restates Secured Promissory Note with Cedarview Opportunities Master Fund, L.P
March 11, 2019 at 04:26 pm EDT
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On March 5, 2019, Royal Energy Resources, Inc. entered into an amended and restated secured promissory note (the Amendment) with Cedarview Opportunities Master Fund, L.P (Cedarview). The Amendment relates to the secured promissory note (the Note) executed between Royal and Cedarview on May 31, 2017 for the principal sum of $2,500,000 with a maturity date of May 31, 2019. The Amendment extends the maturity date to May 31, 2020 and requires a principal reduction of $1,000,000 due on or before May 31, 2019 along with a $45,000 extension fee due upon execution of the Amendment. All other terms, provisions, conditions and definitions as set forth in the Note remain in full force and effect, including without limitation all security and collateral required by the Note.
Royal Energy Resources, Inc. is an energy company, which focuses on coal and energy related assets and activities, including energy infrastructure investments. The Company has a geographically diverse asset base with coal reserves located in Central Appalachia, Northern Appalachia, the Illinois Basin and the Western Bituminous region. The Company's segments consist of Central Appalachia, which includes surface and underground mines located in Eastern Kentucky and Southern West Virginia; Northern Appalachia, which includes surface and underground mines located in Ohio; Rhino Western, which includes an underground mine located in the Western Bituminous region in Utah; Illinois Basin, which includes an underground mine in western Kentucky, and Other, which includes its ancillary businesses, and oil and natural gas investments. The Company produces and markets coal from surface and underground mines in Kentucky, West Virginia, Ohio and Utah.