10 February 2012

Atlantic Coal taps investors

09/02/2010 Robert Tyerman

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.

Tags: AIM, Commodities, Fundraisings

Sector: Mining

Companies: Atlantic Coal

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