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Notification of Secured Party Public Sale To: (I)

NOTIFICATION OF SECURED PARTY PUBLIC SALE TO: (i) Iron Lending, LLC; (ii) Steel Works Holdings, LLC (f/k/a ERP Steel Works, LLC); (iii) AMCI Euro-Holdings B.V.; (iv) Iron Management V, LLC; (v) Jason R. McCoy; (vi) Kenneth R. McCoy; (vii) David Turner; (viii) Thomas M. Clarke; (ix) Ana M. Clarke; (x) Brian Sullivan; and (xi) Hugh Kendrick FROM: Bay Point Capital Partners, LP (the "Secured Party") 3050 Peachtree Road NW, Suite 2 Atlanta, GA 30305 DEBTOR: Iron Lending, LLC (the "Debtor") 7901 Strickland Road, Suite 108 Raleigh, NC 27615 PLEDGOR: Steel Works Holdings, LLC (f/k/a ERP Steel Works, LLC) (the "Pledgor") 192 Summerfield Court, Suite 203 Roanoke, VA 24019 PLEASE TAKE NOTICE THAT Secured Party will sell all of its right, title, and interest in Pledgor's 125,750 Class A shares of Conuma Coal Resources, Ltd. (the "Shares"), as more fully described in that certain Canadian Securities Pledge Agreement dated April 30, 2019 among the Secured Party and the Pledgor. PLEASE TAKE FURTHER NOTICE THAT Secured Party will conduct a public sale of the Shares at the following time and place: 10:00 am (EST), January 8, 2019, at the law offices of Thompson Hine LLP, Two Alliance Center, 3560 Lenox Road, Suite 1600, Atlanta, GA 30326 (the "Public Sale"). 12-21/2019 PLEASE TAKE FURTHER NOTICE THAT Secured Party intends to acquire the Shares at the Public Sale via credit bid in a manner consistent with the terms set forth in a certain (i) First Amendment to Loan and Security Agreement dated March 22, 2018; (ii) Second Amendment to Loan and Security Agreement dated April 17, 2018; (iii) Third Amendment to Loan and Security Agreement dated October 19, 2018; and (iv) Fourth Amendment to Loan and Security Agreement dated April 30, 2019 among Debtor and Secured Party (as the same may from time to time be further amended, restated, or otherwise modified). PLEASE TAKE FURTHER NOTICE THAT Debtor and Pledgor are entitled to an accounting of the unpaid indebtedness secured by the Shares that Secured Party intends to sell at the Public Sale. Such parties may request an accounting by contacting: Scott B. Lepene, Esq. Thompson Hine LLP 3900 Key Center 127 Public Square Cleveland, OH 44114 (216) 566-5692 Scott.Lepene@ThompsonHine.com PLEASE TAKE FURTHER NOTICE THAT certain information relating to the Shares may be obtained by prospective bidders, subject to execution of a nondisclosure agreement, by contacting Mr. Lepene at the address set forth herein. PLEASE TAKE FURTHER NOTICE THAT prospective bidders are invited to submit bids in writing prior to the Public Sale by directing such bids to Mr. Lepene via email. The Public Sale is with reserve and is made on an "AS-IS, WHERE IS" basis. The price is payable in cash in immediately available funds upon completion of the Public Sale. The Public Sale may be cancelled or rescheduled at the discretion of Secured Party. PLEASE TAKE FURTHER NOTICE THAT the purchaser, if any, of the Shares will be required to represent that it is an "accredited investor" under Section 2.3 of National Instrument 45-106 Prospectus Exemptions and will acquire the Shares subject to transfer restrictions contained on an appropriate legend. PLEASE TAKE FURTHER NOTICE THAT the Shares will be sold only as a block to a single purchaser and will not be split up or broken down. The purchaser, if any, of the Shares will be required to represent that it is taking the Shares with investment intent only, that the Shares are being acquired for the purchaser's own account and not with a view to the sale or redistribution thereof and will not be sold unless pursuant to an effective registration statement under the Securities Act of 1933, as amended, and applicable state securities law or under a valid exemption from such registration. Certificates for the Shares, if the Shares are certificated, when issued to the purchaser will bear an appropriate legend to the effect that the Shares may not be sold unless pursuant to an effective registration statement under the Securities Act of 1933, as amended, and applicable state securities laws or under a valid exemption from such registration. If the Shares are uncertificated, an appropriate notation to similar effect respecting the Shares as held by the purchaser will be made in the share transfer records of Conuma Coal Resources, Ltd.
December 21, 2019
January 19, 2020
January 19, 2020 8:10pm