Mining Power Group, Inc. (OTCPK:RCGR) agreed to acquire 55% stake in Northway Mining, LLC from a group shareholders for $1.1 million on August 1, 2018. The cash consideration will be paid within 180 days upon closing of the transaction. Northway Mining will become a subsidiary of Mining Power Group. Michael Maranda will be retained as President and Treasurer of Northway under a separate employment agreement. Northway will maintain its current management. Post-closing, Mining Power Group shall have duly appointed representative to serve as Chairman of Board of Directors of Northway Mining, LLC and a signatory on its bank accounts. The transaction is subject to regulatory approval, approval by Mining Power Group’s shareholders, approval by Board of Directors of Mining Power Group, approval of Northway Mining shareholders and customary closing conditions. As of August 8, 2018, the transaction was unanimously approved by Board of Directors of both Mining Power Group and Northway. Northway will use the proceeds from the transaction for purposes of working capital and for improvements to, and expansion of, its facilities, and the purchase of 30-acres of flat land and buildings at its Athens, New York address owned by a third party as per a separate agreement. Mining Power Group, Inc. (OTCPK:RCGR) completed the acquisition of 55% stake in Northway Mining, LLC from a group shareholders on August 8, 2018.