3rd Dec 2008 07:00
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
03 December 2008
Atlantic Coal Plc
('Atlantic' or 'the Company')
Appointment of Non-Executive Director, Share Subscription and Options
Atlantic Coal Plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, has appointed Dr. Peter John Elston Chinneck as a Non-Executive Director to its Board with immediate effect. Dr. Chinneck has subscribed for 45 million new ordinary shares in the Company at 0.49p, raising £220,500 for the Company, and has been granted options over 16.5 million ordinary shares, exercisable at 0.45p per share, which vest in 12 months and are valid for 3 years from the date of his appointment as a Director.
Dr. Chinneck is an experienced and active private investor, and in light of his recent acquisition of a significant stake in Atlantic Coal, (Dr Chinneck had acquired a holding of 60,000,000 ordinary shares representing 5.05 per cent of the Company's issued share capital prior to the share subscription referred to above) the Board was pleased to offer Dr. Chinneck the role as Non-Executive Director to provide him with the opportunity to pursue a more active role within the Company.
Dr. Peter Chinneck (51) trained in Medicine at the University of Southampton before joining the Royal Medical Army Corps in 1980. He served as a Regimental Medical Officer, reaching the rank of Major before leaving the Army in 1990 to pursue a career in aviation. He has over 17 years experience as a commercial pilot flying commercial, freighter and air ambulance services.
Atlantic Coal Managing Director, Steve Best, said, "We welcome Peter to the Board and we believe that he will be a valuable addition to the team. As a private shareholder he has demonstrated his commitment and support for the Company and its management and we look forward to him undertaking a more active role in Atlantic Coal's future development."
There are no further disclosures to be made in relation to Peter Chinneck pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies.
The new ordinary shares subscribed for by Dr Chinneck have now been issued and allotted, will rank in full for all dividends or other distributions hereafter declared, made or paid on the ordinary share capital of the Company and will rank pari passu in all other respects with all other ordinary shares in issue.
Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM and it is expected that the new ordinary shares will be admitted to trading on 9 December 2008.
The total number of ordinary shares in issue following the share subscription will be 1,233,712,000. [NB 1,188,712,000 + 45,000,000]
**Ends**
For further information on the Company, visit: www.atlanticcoal.com or contact:
|
Stephen Best / Greg Kuenzel |
Atlantic Coal plc |
Tel: 020 7182 1747 |
|
Rod Venables / James Reeve |
HB Corporate |
Tel: 020 7510 8600 |
|
Richard Hail Head of Corporate Finance |
Fox Davies Capital |
Tel: 020 7936 5230 |
|
Hugo de Salis / Victoria Thomas |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
About the Company:
Atlantic owns and operates the Stockton Colliery which comprises an opencast anthracite mine and an adjacent anthracite washing plant. The mine is an established non-union surface mine encompassing circa 900 land acres in the Hazle Creek Valley, Pennsylvania and has an estimated proven reserve of 4 million tonnes. Mining of raw coal is from the high quality mammoth seam, while washing and sizing takes place in the 150 tonne per hour coal preparation plant. J T Boyd Company, the Company's Competent Person, estimated that there is over 10 years of mine life from existing reserves at an average production rate of 400,000 Run of Mine ('ROM') tonnes per annum. Based on historic production levels, the mine is capable of and is projected to produce approximately 450,000 ROM tonnes of coal per year. Mining operations are conducted by the use of hydraulic excavators. Uncovered raw coal is then loaded into 100 tonne trucks for delivery to the onsite preparation plant. As each section of the mine is developed, mining progresses from the northern and southern faces into the basin. This yields a constant flow of raw coal to the preparation plant.
Related Shares:
Atlantic Coal