Chief executive Michael Zolotas says his Nasdaq-quoted company is on the lookout for cash to fund fleet growth on the back of a $64m contract to supply coal to a third party buyer he described as a “creditworthy counterparty”.
"NewLead has the option to transport the coal,” he added in a statement Thursday. “We are currently in discussion with a number of financial institutions to secure financing for fleet expansion to fulfill the transportation needs of our commodities arm."
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