1st May 2009 15:59
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
01 May 2009
Atlantic Coal Plc (AIM: ATC)
('Atlantic' or 'the Company')
Issue of Equity
Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, advises that, following the announcement on 30th April 2009 stating that the Company had raised £500,000 through the issue of 100,000,000 new ordinary shares, via a placing by HB Corporate Limited in conjunction with Fox-Davies Capital Limited ("the Placing"), that the new ordinary shares have now been issued and allotted.
The new ordinary shares 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 100,000,000 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 or around 08 May 2009.
The total number of ordinary shares in issue following the Placing will be 1,333,712,000.
**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 |
|
Daniel Fox Davies |
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 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 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.
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Atlantic Coal