Coalspur Mines Limited (ASX:CPL) Completes C$44.4 Million Public Offering
Perth, May 4, 2011 AEST (ABN Newswire) - Coalspur Mines Limited ("Coalspur" or "Company") (
ASX:CPL) (TSE:CPT) (PINK:CSPZF) is pleased to announce that it has successfully completed its public offering of 24,000,000 ordinary shares (the "Ordinary Shares") of the Company at an issue price of C$1.85 per Ordinary Share for gross proceeds to the Company of C$44.4 million ("Public Offering"). This was announced to the market on April 13, 2011.
The Public Offering was managed by a syndicate of agents led by Haywood Securities Inc., BMO Capital Markets and RBC Capital Markets and including Salman Partners Inc.
In addition to the Public Offering, the previously announced private placement of 6,000,000 ordinary shares at C$1.85 each to raise a further C$11.1 million, before costs ("Private Placement"), is expected to be completed in June 2011. The Private Placement is being made to the Highland Park Group, a strategic shareholder of the Company.
Commenting on the completion of the Public Offering, Mr Gene Wusaty, Managing Director and CEO said, "We have an exciting few months ahead of us now with impending results from a number of recent activities and the rapid progression of the Bankable Feasibility Study."
"We will also be bringing forward a number of key activities that have the potential to enhance the production profile and value of the Vista Coal Project whilst we continue to grow the Company's profile in the North American investment community."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or in accordance with an applicable exemption from the registration requirements.
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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