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Atlantic Coal
- BY: Andrew Hore |
- POSTED: 07/12/2009 |
- COMMENTS: Add yours
Coal producer Atlantic Coal plans to buy Montana-based clean coal development company Maple Carpenter Creek in an all share deal.
The shares will be issued in five stages with the first issue of 461m shares happening when due diligence is completed and purchase agreement signed. It could take two years to issue all 1.33bn shares, which are nearly as many shares as are currently in issue.
MCC has more than 380m tons of coal resource and access to transportation. The main focus is the Carpenter Creek coal deposit where there are mineable coal seams: Carpenter Creek and McCleary. A mine could produce 6m tons of coal a year for 30 years. Production could start in 2012 and Atlantic will loan MCC up to $400,000 to finance working capital. If the deal is not competed within 120 days then the loan becomes repayable along with a 10% break fee.
Atlantic is expected to move into profit in 2010. Revenues of $4m were generated from the Pennsylvania in the four months to October 2009.
At 0.72p a share, up 0.075p on the day, Atlantic is valued at £10.1m.
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