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NOTE 11: SUBSEQUENT EVENTS
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12 Months Ended |
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Dec. 31, 2012
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| Subsequent Events [Text Block] |
NOTE
11: SUBSEQUENT EVENTS
During
February 2013, Clean Coal remitted the first payment of
$2,000,000 to SAIC for the construction of the 2-ton/hour,
pilot plant in Oklahoma. The total cost of the project,
including testing to take place at a designated site in
Oklahoma, is estimated at $3,600,000. Commissioning of the
pilot plant is expected during the second quarter of
2013.
During
January and February 2013, Clean Coal issued an aggregate of
2,150,000 shares for services rendered to consultants and
employees.
In
March 2013, Clean Coal negotiated an early closing of part of
the second tranche of investment with Ventrillion (see Note 7
above). Under the amended agreement, Ventrillion purchased
8,000,000 million shares for $400,000.
Effective
March 22, 2013, Clean Coal entered into a consulting
agreement with a term of six months and a monthly cash fee of
$8,000. In connection with the agreement, Clean Coal issued
the consultant 500,000 common shares on the effective date.
In addition, Clean Coal granted the consultant an aggregate
of 1,000,000 common stock options which have a term of 3
years and the following exercise prices and vesting terms:
400,000 options are exercisable at $0.15 per share and vest
on March 22, 2013, 300,000 options are exercisable at $0.25
per share and vest on July 1, 2013 and 300,000 options are
exercisable at $0.35 per share and vest on July 1,
2013.
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