Under the transaction, the group secured a $13m debt financing in order to refinance certain existing debt of the company, pay vendors, pay costs of the transaction and for short-term working capital purposes.
VHGI CEO Doug Martin said this acquisition is an important step in the development of the company’s business plan.
"Our initial goal was to complete this transaction in our first quarter of 2012, which we have accomplished," said Martin.
"Our next goal is to close additional debt financings for Lily Group in order to pay-off certain indebtedness, exploit current mining operations and possibly acquire other coal mining opportunities."
