(ChinaCoalResource, Sept 29, 2006) NT Holding Corp. (OTCBB:NTHH) Thursday announced it has entered into a definitive purchase agreement with Shanxi Linfen Lingu Coal Mine Limited ("Lingu"), a coal mining company located in Shanxi, China. NTHH had previously announced that it had entered into discussions with Lingu to work toward execution of a definitive purchase agreement on September 27, 2006.

 

NTHH purchased 62.5% of the equity ownership of Lingu through Grand Canal Entertainment Inc. ("GCNL"), an 88% subsidiary of NTHH. The total consideration to be issued by NTHH will be 9,023,200 shares of the common stock of GCNL that is owned by NTHH.

 

"Our finance professionals, COO and I will conduct a site due diligence visit to Lingu immediately following the Chinese National Day holidays," said Peter Chun, CEO of NTHH. "Upon satisfactory due diligence results, we will close the acquisition and start the audit process."

 

NTHH, through its subsidiaries, invests in and operates companies in China and Asia that engage in energy and natural resources businesses. NTHH is based in Hong Kong and currently operates two subsidiaries in Asia: (1) Shanxi Jinhai Metal Group that engages in coking coal and steel production in the Shanxi Province of China and (2) PT Borneo Mineral that owns a 30-year coal mining right concession in Indonesia. NTHH is positioning itself to support Asia's growing need for power, energy and natural resources.

source:ChinaCoalResource