Result of General Meeting (2704C)
March 03 2011 - 4:40AM
UK Regulatory
TIDMATC
RNS Number : 2704C
Atlantic Coal PLC
03 March 2011
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
3 March 2011
Atlantic Coal plc ("Atlantic" or the "Company")
Result of General Meeting
Atlantic Coal plc, the AIM listed open cast coal production and
processing company with activities in Pennsylvania, USA, is pleased
to announce that all the resolutions put to shareholders at the
General Meeting held earlier today (the "GM") have been passed.
On 14 February 2011 the Company announced that it had completed
a conditional placing of 1,600,000,000 new ordinary shares of 0.07
pence each in the Company (the "Placing Shares") at a price of 0.75
pence per Placing Share, raising GBP12.0 million (before fees and
expenses) (the "Placing"). The Placing is conditional upon the
Placing Shares being admitted to trading on AIM. Allenby Capital
acted as lead broker to the Company with Cornhill Capital and
FoxDavies acting as co-brokers.
Application has been made to the London Stock Exchange plc for
the Placing Shares to be admitted to trading on AIM and it is
expected that dealings in the Placing Shares will commence on or
around 4 March 2011. The Placing Shares will rank pari passu with
the existing shares of 0.07 pence each in the Company.
The Placing Shares will represent 41.36 per cent. of the
enlarged share capital of Atlantic. The total enlarged issued share
capital of Atlantic following admission will be 3,868,772,016
ordinary shares of 0.07 pence each in the capital of the Company.
The above figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in, the
share capital of the Company under the Disclosure and Transparency
Rules.
**ENDS**
For further information on the Company, visit:
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
Daniel Fox Davies FoxDavies Tel: 020 7936 5230
Hugo de Salis St Brides Media & Finance Tel: 020 7236 1177
Ltd
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
Notes
Atlantic Coal Plc is an AIM listed coal production and
processing company focussed predominantly on open cast mining and
the processing of anthracite coal in Pennsylvania, USA. The
Company's primary asset is the Stockton Colliery, a producing
surface coal mine and adjacent anthracite preparation plant
encompassing an area of approximately 900 hectares located in Hazel
Creek in North-East Pennsylvania, which has current Proven Reserves
of 4.2 million tons run-of-mine coal.
Atlantic Coal's strategy is to create a significant mid-tier
coal company; both through the expansion of activities at the
Stockton anthracite mine and identifying additional sites in
Pennsylvania to build its production and resource profile,
primarily by acquiring defined assets in stable, recognised, high
quality coal regions. The Board has identified opportunities to
expand within the region and is involved in ongoing negotiations
regarding adjacent sites, with the intention of acting as a
regional consolidator in the Pennsylvanian Coal Field. Expansion
within the local area has the potential to minimise upfront deal
costs as a result of existing and proven infrastructure, equipment,
facilities and market demand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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