Company sells 30 million shares at A$0.40 per share, a 9.09% discount
By Devika Patel
Knoxville, Tenn., Jan. 23 - Endocoal Ltd. said it completed a A$12 million private placement of shares. The deal was "significantly oversubscribed," the company said in a press release.
Endocoal sold 30 million shares at A$0.40 per share. The per-share price represents a 9.09% discount to the A$0.44 closing share price on Jan. 20.
AMCI Capital and Macquarie Capital (Australia) Ltd. were among the investors.
Proceeds will be used for exploration, finalizing the project evaluation for the Meteor Downs South Project and working capital.
Based in Sydney, Australia, Endocoal explores hard-coking, thermal and pulverized coal injection projects.
| Issuer: | Endocoal Ltd.
|
| Issue: | Shares
|
| Amount: | A$12 million
|
| Shares: | 30 million
|
| Price: | A$0.40
|
| Warrants: | No
|
| Investors: | AMCI Capital and Macquarie Capital (Australia) Ltd.
|
| Settlement date: | Jan. 23
|
| Stock symbol: | Australia: EOC
|
| Stock price: | A$0.44 at close Jan. 20
|
| Market capitalization: | A$68.26 million
|
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