Approximately $187,000 will be invested over the next six months by Lara to take up its rights as 13.3% shareholder as well as to buy those of some of the founders not participating in this round, thus raising the Lara’s interest of the issued and outstanding shares of Carbhid to 19.91%.
Carbhid is developing underground coal mining operations targeting thermal and metallurgical grade coal on the Escalones Concession in the Boyacá district, as part of operating contract.
The El Diamante inclined shaft and related reserve development were completed by Carbhid during 2012, and began small-scale production for sale to a local thermo-electric power plant in mid-2013.
Lara is an exploration company currently holding portfolio of prospects and deposits in Brazil, Peru, Colombia and Chile.
