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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) ERP Aviation, LLC; (vi) Jason R. McCoy; (vii) Kenneth R. McCoy; (viii) David Turner; (ix) Thomas M. Clarke; (x) Ana M. Clarke; (xi) Brian Sullivan; (xii) Hugh Kendrick; and (xiii) Mark Bartkoski 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: Iron Management V, LLC (the "Pledgor") 7901 Strickland Road, Suite 108, Raleigh, North Carolina 27615 PLEASE TAKE NOTICE THAT Secured Party will sell all of its right, title, and interest in Pledgor's equity interest in ERP Steel Works, LLC, n/k/a Steel Works Holdings, LLC, a Delaware limited liability company ("Steel Works"), represented by 19.575 units (the "Units"), as more fully described in that certain Amended and Restated Operating Agreement of Steel Works dated January 31, 2018 and constituting 86.71% of issued and outstanding equity interests, as security for the prompt and complete payment, performance, and satisfaction of Debtor's obligations owed to the Secured Party. PLEASE TAKE FURTHER NOTICE THAT Secured Party will conduct a public sale of the Units at 10:00 am (EST), July 31, 2020, at the law offices of Thompson Hine LLP, Two Alliance Center, 3560 Lenox Road, Suite 1600, Atlanta, GA 30326 (the "Public Sale"). Parties seeking to appear telephonically at the Public Sale shall make arrangements by contacting Matthew Kerschner, Esq., of Thompson Hine LLP, at 216-566-5834. PLEASE TAKE FURTHER NOTICE THAT Secured Party intends to acquire the Units at the Public Sale via credit bid in an amount up to the outstanding amount of the secured debt that is due and owing by the Debtor as of the date of the Public Sale. The Units the Secured Party intends to acquire shall be equal in value to: (i) 125,750 Class A Voting Common Shares of Conuma Coal Resources Limited ("Conuma"), a wholly owned subsidiary of Steel Works, and represented by Conuma Certificate Nos. 6AC and 8AC, and (ii) 4,850 uncertificated Class A Voting Shares of Conuma. The uncertificated Conuma Class A Voting Shares shall remain encumbered after the Public Sale. PLEASE TAKE FURTHER NOTICE THAT Debtor and Pledgor are entitled to an accounting of the unpaid indebtedness secured by the Units 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 Units may be obtained by prospective bidders, subject to execution of a nondisclosure agreement, by contacting Mr. Lepene at the address, phone number, or email 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 Units 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 Units subject to transfer restrictions contained on an appropriate legend. PLEASE TAKE FURTHER NOTICE THAT the Units, other than any Units acquired by the Secured Party via credit bid, 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 Units will be required to represent that it is taking the Units with investment intent only, that the Units 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 Units when issued to the purchaser will bear an appropriate legend to the effect that the Units 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. 7-13/2020
July 13, 2020
August 11, 2020
August 7, 2020 8:05pm