Tri-Valley Sells Quarry in Alaska
- Written by Rock Products News
California-based Tri-Valley Corp. said that it agreed to sell its Admiral Calder calcium carbonate quarry on Prince of Wales Island in Alaska to Columbia River Carbonates for a total purchase price of $2.5 million in an all-cash transaction.
Tri-Valley anticipates it will net $1.5 million in cash proceeds from the proposed transaction and expects to generate a gain on the sale of $1.4 million.
Maston Cunningham, president and CEO of Tri-Valley Corp., said, “The proceeds from the sale of our Admiral Calder property and retirement of $1 million in related debt significantly strengthen our company’s capital structure. With this transaction, the recent sale of Series A convertible preferred stock to our chairman (resulting in $3.6 million in additional equity), and the issuance of additional shares under the shelf registration that we announced [last year], we believe we are close to complying with the shareholders' equity required to maintain our listing on the NYSE Amex.”