Unofficial Translation) Bank Acceptance Agreement
Exhibit
99.1
(Unofficial
Translation)
Party A:
Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd.
Party B:
Pingdingshan Rural Cooperative Bank
Whereas
Party A has been granted bank acceptance credit from Party B of RMB 110 million
and has requested additional credit, and thus the parties hereby enter into the
following agreement:
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I.
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Party
B hereby further grants Party A bank acceptance credit in addition to the
RMB 110 million credit previously granted. Party B may issue
bank acceptance credit for Party A of no more than RMB 200 million in
total (“Credit Line”).
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II.
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For
each issuance of bank acceptance credit, Party A shall deposit cash of 50%
of the issuance amount into its account with Party B as
security.
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III.
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Party
A may determine the date and amount of each issuance of bank acceptance
credit (within the Credit Line) based on its need of funds for its
operations and project
construction.
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IV.
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Upon
the repayment date of each bank acceptance, Party A shall clear the
payment with Party B in compliance with the rules and policies of Party
B.
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V.
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The
parties shall enter into further agreements for each issuance of bank
acceptance credit. Such agreement shall record the repayment
date of the bank acceptance credit.
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This
Agreement shall become effective upon execution by both parties.
This
Agreement shall be executed into two original duplicates. Each party
shall hold one original duplicate.
Party A:
Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd.
[Stamp]
/s/ Jianhua
Lv
Date:
January 7, 2011
Party B:
Pingdingshan Rural Cooperative Bank [Stamp]
/s/ Legal Representative
Date:
January 7, 2011
