Coalspur Mines Limited (ASX:CPL) Institutional Placement To Raise A$8 Million
Perth, Nov 16, 2009 AEST (ABN Newswire) - The Directors of Coalspur Mines Limited (ASX:CPL)(PINK:CSPZF) are pleased to advise that the Company will make a placement of 25 million ordinary shares at A$0.32 each, predominately to institutional investors to raise A$8 million before costs.
Mr Gene Wusaty, Managing Director and Chief Executive Officer, and/or his nominees have agreed to subscribe for 1 million of the placement shares, subject to shareholder approval. The decision to commit further funds to the Company is testament to the quality and potential scale of the Company's Canadian coal projects.
The Company has engaged Patersons Securities Limited to act as lead manager for the placement.
Funds raised from the placement will be used to accelerate the development of the Company's Canadian coal projects through the completion of field programs and mining studies on the Project, and to provide general working capital.
About Coalspur Mines Limited
Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is a coal development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship project is Vista, which covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal development. Vista is located adjacent to CN Rail's main line, which is suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has secured a port allocation agreement with Ridley Terminals Inc., which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific countries.
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