The sale will provide approximately $8.3m of available cash to the company, and it is anticipated to close in the fourth quarter of 2010.
The Fort Union facility is a 1,200 acre non-producing coal mine located northwest of Gillette, and site activities at Fort Union have been limited primarily to laboratory testing and site maintenance activities required for safety and environmental management purposes since 2008.
In conjunction with the sale, a separate agreement will be negotiated with the buyer, which will allow Evergreen to continue to perform feedstock validation testing in its existing laboratory at the site.
Evergreen CEO and director Thomas Stoner said that the sale of Landrica and the Fort Union plant represents the achievement of another milestone as Evergreen completes the goal to shed non-core assets and evolve into a pure clean technology company.
