Royal Energy Resources, Inc. Borrows $203,593 from E-Starts Money; Announces Management Changes
March 11, 2015
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On March 6, 2015, Royal Energy Resources, Inc. borrowed $203,593 from E-Starts Money Co. pursuant to a demand promissory date which bears interest at 6% per annum. The proceeds were used by the company to repay all of its indebtedness.
In connection with Mr. William L. Tuorto's acquisition of a majority of the common stock and preferred stock in the transactions, (i) Frimet Taub resigned as a director and from all positions as an officer, employee, or independent contractor to the company; (ii) Mr. Tuorto was appointed to the board seat vacated by Ms. Taub; (iii) Mr. Roth resigned as chairman of the board and Mr. Tuorto was appointed chairman of the board; (iv) Mr. Roth resigned as the Chief Executive Officer and Chief Financial Officer of the company, and any other position as an officer, employee or independent contractor to the company, and Mr. Tuorto was appointed as the Chief Executive Officer, Interim Chief Financial Officer, Secretary and Treasurer of the company; and (v) Mr. Roth resigned as a director of the company, provided that his resignation is subject to and not effective until the close of business on the 10th day after the company distributes an information statement to its shareholders in accordance with SEC Rule 14f-1. Mr. Tuorto, 45, has been providing legal, financial, and consulting services to public companies for over 19 years. Privately, Mr. Tuorto is an investor and entrepreneur, with holdings in a wide-range portfolio of energy, technology, real estate and hospitality. Such legal and practical experience across various industries has enabled Mr. Tuorto to significantly impact profitability and growth objectives to his companies and clients alike.
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.