Radar Acquisitions Corp. Zeros In On Alabama Coal

Radar is pleased to announce that Radar has entered into an agreement (the "Agreement") to create a US coal mining company ("RAC Mining") in partnership with a group of private investors in Alabama. Under the agreement Radar will own 49% of RAC Mining with the remaining ownership being held by two Alabama based mining companies. The assets of the newly created company will include a historically producing Alabama coal property.

The new company formed, RAC Mining, will hold one active mining permit, #3868, covering a total area of approximately 130 acres and two other permits, #3928 (comprising approximately 224 acres) and #3889 (comprising approximately 16 acres), which are pending and anticipated to be issued within the next 90 days. Both of these permits are adjacent to the active mining permit and all lands are in Jefferson County, Alabama. In addition, RAC Mining will hold two mining leases; one for 80 acres on adjacent lands and one for approximately 640 acres on lands in the Franklin, Marion and Winston Counties, Alabama. The permitting process has started on the 640 acres land holding and the mining permit is expected to be issued in the first quarter of 2010.

Read the full press release here.