Forbes & Manhattan Inc., Investment Arm acquired Ram River and Scurry Ram coal properties from CONSOL Energy Inc. (NYSE:CNX) for approximately $110 million on December 21, 2012. On closing, cash payment of $55 million was made, out of which $52.5 million was payable to CONSOL Energy. Under the terms of the asset purchase agreement, Forbes & Manhattan shall make additional payments to CONSOL Energy of $25.5 million on or before June 21, 2013 and $24.5 million on or before June 21, 2014. CONSOL Energy has retained the right to receive up to $20 million of the second or third cash payments in common shares of Ram River Coal. In a related transaction, Riversdale Resources agreed to acquire interest in other coal assets in Alberta from CONSOL Energy for $24 million. The purchase price is subject to certain conditions. Ram River Coal Corp. was created by Forbes & Manhattan to purchase the coal assets. Capital Investment Partners Pty Limited acted as financial advisor for Forbes & Manhattan Inc.

Forbes & Manhattan Inc., Investment Arm completed the acquisition of Ram River and Scurry Ram coal properties from CONSOL Energy Inc. (NYSE:CNX) on December 21, 2012.