Coalspur Mines Limited (ASX:CPL) Completes An A$8 Million Share Placement To Fund Canadian Coal Projects
Perth, Jan 15, 2010 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (PINK:CSPZF) is pleased to advise that following shareholder approval, the second tranche of the Company's previously announced share placement has now been completed, consisting of 1,000,000 million shares to Mr Gene Wusaty, Managing Director and Chief Executive Officer, and his nominees comprising other senior management of the Company.
Shareholder approval for this second tranche of the placement was obtained at a General Meeting held on 12 January 2010. The first tranche of the placement, consisting of 24,000,000 shares to predominately institutional investors, was previously completed on 24 November 2009.
Funds raised from the placement are being used to accelerate the development of the Company's Canadian coal projects through the completion of field programs and mining studies on the projects, 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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