31st Jul 2009 15:05
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
31 July 2009
Atlantic Coal Plc
('Atlantic' or 'the Company')
Exercise of Warrants
and
Issue of Equity
Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, has issued 9,384,350 new ordinary shares of 0.07p each ("Ordinary Shares") as a result of an exercise of warrants by Fox-Davies Capital. The warrants were granted in relation to the placing of Ordinary Shares by Fox-Davies, on behalf of Atlantic, which was completed in September 2008. Application has been made for these shares to be admitted to trading on AIM with effect from Thursday 06 August 2009.
The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in the Company.
Following the admission of the new Ordinary Shares the total number of voting rights in Atlantic will be 1,343,096,350.
**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 Ltd |
Tel: 020 7510 8600 |
|
Daniel Fox Davies |
Fox Davies Capital |
Tel: 020 7936 5230 |
|
Hugo de Salis / Chris Welsh |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
About the Company:
Atlantic Coal 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 tons. Mining of raw coal is from the high quality mammoth seam, while washing and sizing takes place in the 150 ton 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') tons per annum. Based on historic production levels, the mine is capable of and is projected to produce approximately 450,000 ROM tons of coal per year. Mining operations are conducted by the use of hydraulic excavators. Uncovered raw coal is then loaded into 100 ton 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