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Atlantic Coal
- BY: Andrew Hore |
- POSTED: 08/08/2010 |
- COMMENTS: Add yours
Atlantic Coal is raising £1.71m at 0.4p a share.
Each share comes with a warrant to subscribe for another share at 0.65p. The warrants last for two years. Directors have subscribed for more than one-third of the shares. Atlantic raised £500,000 earlier in the year.
The cash will be invested in the Stockton Colliery in the US and its anthracite preparation plant. Stockton has a current reserve equivalent to 2.1m tons of washed anthracite. Atlantic wants to double annual production.
A deal to buy Montana-based clean coal development company Maple Carpenter Creek fell through. Maple’s owners said in February did not want to proceed on the original basis - an all-share deal agreed in December 2009.
Earlier this year Atlantic terminated its supply agreement with Pagnotti Enterprises Inc and this should benefit Atlantic by more than $10m over the life of its Stockton mine. The sale price was much lower than the market price.
Atlantic generated revenues of $9.05m in Stockton’s first full year of production in 2009. It reported a loss of $2.57m. There was a profit of $131,342 on the sale of shares in Strategic Natural Resources after merger talks failed.
At 0.42p a share, Atlantic is valued at £6.31m before the placing.
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