Royal Energy Resources said it has entered into a binding term sheet agreement with Rhino Resources LP and Wexford Capital LP.
The deal will see Royal acquire more than six million issued and outstanding units of Rhino which are currently owned by Wexford.
The binding term sheet also includes the acquisition by Royal at a later date of all of the issued and outstanding membership interests of Rhino GP LLC.
As well as this, Royal will also acquire more than nine million units of Rhino which are currently owned by Wexford.
William Tuorto, chief executive of Royal, said: “We look forward to the opportunity to work with Rhino once the transactions are completed with Wexford.
“We plan to bring additional financial and market resources which, when combined with Rhino’s existing operations, will provide us with the capability to strategically grow both companies as we move forward.”
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