Record output at Cluff 19/03/2010
Potential bid candidate Cluff Gold produced 19,288 oz of gold in West Africa in the first two months of the year.
Atlantic Coal taps investors
Atlantic Coal taps investors
Pennsylvania-focused Atlantic Coal has raised £400,000 at 0.7p for working capital and to help with a takeover.
The London-based company, which lost £1.6 million in the first half of last year, recently signed a non-binding memorandum of understanding to buy Maple Carpenter Creek, a Montana deposit with an estimated 380 million tonnes of coal, for shares. Steve Best, managing director of AIM-quoted Atlantic, says the placing proceeds will ‘allow us to continue our work with Maple Carpenter Creek’.
He adds the money will also provide extra working capital following the company’s termination of an earlier supply agreement for its Stockton colliery with another company, Pagnotti, a move which Atlantic has claimed will save it $10 million (£6.2 million) over the life of the mine. Floated in 2007 at 2p, Atlantic’s shares fell at one point as low a 0.33p and now trade at 0.53p, down 0.18p this morning, valuing the company at £7.3 million.
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