Erie approves mineral rights exchange with 7N LLC

$4,500,000 plus three parcels on County Line Road appraised at approximately $13,575,000 and production revenue estimated up to approximately $25,500,000

OTHER

Closing to occur by the earlier of 15 business days after the end of the Inspection Period or an earlier mutually agreed date; post-closing mineral claims period through the 25th year following the Closing Date; certain indemnities survive 12 months after Closing

Post Closing Mineral Rights identified within 25 years may trigger additional payments of $24,000 per Mineral Acre if noticed after six months post-closing; various representations, warranties, and environmental indemnities survive for 12 months after Closing. Section 41 allows 7N to terminate and unwind the transaction before production if the Town formally objects to the Draco Pad or the transaction is overturned or found invalid.

AgendaPacket