Company sells its shares at A$0.70 apiece through lead manager Foster
By Devika Patel
Knoxville, Tenn., March 20 - Guildford Coal Ltd. said it completed a A$25 million private placement of shares. Foster Stockbroking Pty Ltd. was the lead manager.
The company sold about 35.7 million ordinary shares at A$0.70 per share.
The price per share is identical to the March 19 closing share price.
Proceeds will be used for definition, upgrade and expansion of JORC coal resources, scoping studies and application for a second mining license for the South Gobi Project, completion of pre-feasibility studies and application for a mining license on the White Mountain and Hughenden Coal projects, evaluation of recently identified non-coal mineral occurrences on tenements in Mongolia, evaluation of potential synergistic and accretive acquisitions in Australia and Mongolia and for general working capital.
The coal exploration company is based in Newcastle, Australia.
| Issuer: | Guildford Coal Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$25 million
|
| Shares: | 35.7 million (approximate)
|
| Price: | A$0.70
|
| Warrants: | No
|
| Lead manager: | Foster Stockbroking Pty Ltd.
|
| Settlement date: | March 20
|
| Stock symbol: | Australia: GUF
|
| Stock price: | A$0.70 at close March 19
|
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