ATC Atlantic Coal

TIDMATC

RNS Number : 6861O

Atlantic Coal PLC

08 August 2014

Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining

Atlantic Coal plc ("Atlantic Coal" or the "Company")

Early repayment of SEDA advance and early completion of equity swap

Atlantic Coal, the AIM listed anthracite coal mining company operating in Pennsylvania, USA, today announces that it has repaid all of the $750,000 1st tranche SEDA backed loan from YA Global Masters SPV Ltd ("Yorkville"), further details of which were announced on 25 July 2013. In addition, Atlantic Coal has also made an early repayment of the $500,000 2(nd) tranche from Yorkville. As a result of these repayment, there are no further amounts outstanding under the loan agreement with Yorkville (the "Loan Agreement").

The Loan Agreement will remain in place with respect to the undrawn portion of the original commitment amount of up to US$5 million during the remainder of the commitment period which ends on 24 July 2016.

At the same time, The Company has also agreed with Yorkville to bring forward the expiry date for the equity swap arrangement (the "Swap Arrangement"), further details of which were announced on 2 December 2013. The Swap Arrangement was originally to expire on 30 November 2014 but the parties have, by mutual agreement, modified this expiry date so that the Swap Arrangement is now at an end. As a result of this early termination of the Swap Arrangement, there will be no further settlement payments and Yorkville will assume all future equity risk on the Atlantic Coal shares remaining in its possession.

Atlantic Coal's managing director, Steve Best, said "I am delighted that the recent record production at Stockton has enabled us to repay this facility in advance of the repayment deadline. We appreciate Yorkville's flexibility and support in providing strong capital risk management as part of our management of working capital."

**ENDS**

For further information on the Company, visit: www.atlanticcoal.com or contact:

 
 Steve Best    Atlantic Coal plc         Tel: 0191 0386 06392 
 Nick Naylor   Allenby Capital Limited   Tel: 020 3328 5656 
 Alex Price    Allenby Capital Limited   Tel: 020 3328 5656 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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