Triad Hunter, LLC entered into an asset purchase agreement to acquire mineral rights under oil and gas lease from Ormet Corporation (OTCPK:ORMT.Q), Ormet Primary Aluminum Corporation, Ormet Aluminum Mill Products Corporation, Ormet Railroad Corporation and Specialty Blanks Holding Corporation for $22.3 million on June 17, 2014. A deposit of $2.5 million has been made. The bankruptcy court approved the transaction on July 1, 2014. The transaction is subject to regulatory approvals. The transaction will close by August 31, 2014. The proceeds from the transaction will be used for debt repayment. Robert J. Dehney, Daniel B. Butz and Erin R. Fay of MORRIS, NICHOLS, ARSHT & TUNNELL LLP and Kim Martin Lewis, Tim J. Robinson and Patrick D. Burns of DINSMORE & SHOHL LLP acted as legal advisor to Ormet. Larry A. Levick of Singer & Levick, P.C. to Triad Hunter. Toby Kreidler and Siegel of Calibre Group LLC acted as financial advisors to Ormet.


Triad Hunter, LLC completed the acquisition of mineral rights under oil and gas lease from Ormet Corporation (OTCPK:ORMT.Q), Ormet Primary Aluminum Corporation, Ormet Aluminum Mill Products Corporation, Ormet Railroad Corporation and Specialty Blanks Holding Corporation for $22.7 million on July 25, 2014.