By Sheri Kasprzak
New York, Nov. 17 - Western Canadian Coal Corp. negotiated a private placement of stock for C$17,115,278.
The company plans to sell 8,777,066 shares at C$1.95 each to its major shareholder, Cambrian Mining plc. The price per share is a 7.7% premium to the company's C$1.81 closing stock price on Thursday.
Proceeds from the non-brokered offering will be used for the production startup schedule of the company's Brule mine property. The rest will be used for continuing work on the company's Belcourt Saxon properties and for regulatory permitting for the company's Hermann and EB mine properties, as well as for working capital.
Vancouver, B.C.-based Western Canadian is a coal-mining company.
| Issuer: | Western Canadian Coal Corp.
|
| Issue: | Stock
|
| Amount: | C$17,115,278
|
| Shares: | 8,777,066
|
| Price: | C$1.95
|
| Warrants: | No
|
| Investor: | Cambrian Mining plc
|
| Placement agent: | Non-brokered
|
| Pricing date: | Nov. 17
|
| Stock symbol: | Toronto: WTN
|
| Stock price: | C$1.81 at close Nov. 16
|
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