Delta Coal Fund Pty Ltd entered into an asset purchase agreement to acquire substantially all assets of Carbon Resources LLC for $25 million on September 12, 2011. Under the terms of the agreement, Delta Coal will pay $7 million as initial consideration at settlement of the asset purchase agreement on or before December 1, 2011; the initial payment of $7 million is comprised of $6.5 million and the option fee of $0.5 million, which will be applied against the purchase price. The purchase price also includes $18 million in the form of a Promissory Note, payable as $3 million on or before June 1, 2012 and $15 million payable upon the first to occur of: completion of a bankable feasibility study with New Horizon's board making a positive decision to mine or December 1, 2014. The asset purchase agreement is pursuant to the share sale agreement entered between New Horizon Minerals Ltd (ASX: NHO) and Delta Coal Fund Pty Ltd to acquire 100% stake in Delta Coal. The transaction is subject to approval of bankruptcy court, Delta closing on a sale of its equity interests to New Horizon Minerals and certain conditions being met. The transaction is expected to close on December 1, 2011. As on November 17, 2011, the transaction has been approved by bankruptcy court. Paul M. Fish of Modrall Sperling Roehl Harris & Sisk, P.A. acted as legal advisor for Delta Coal. Philip J. Montoya Carbon acted as legal advisor for Carbon Resources, LLC. Ballard Spahr LLP acted as legal advisor to New Horizon Minerals. Delta Coal Fund Pty Ltd completed the acquisition of substantially all assets of Carbon Resources LLC on November 30, 2011. As on March 31, 2014, the deal vale for the transaction was reduced to $16 million from $25 million.

Delta Coal Fund Pty Ltd cancelled the acquisition of substantially all assets of Carbon Resources LLC on January 8, 2015.