By Sheri Kasprzak
New York, March 1 - National Coal Corp. secured $13.95 million from a private placement of stock.
The company plans to issue to its chief executive officer and two institutional investors 3 million shares at $4.65 each.
CEO Daniel Roling agreed to buy 200,000 of the shares.
The deal is set to close Friday.
Proceeds will be used for growth initiatives.
Based in Knoxville, Tenn., National Coal is a coal-mining exploration company.
| Issuer: | National Coal Corp.
|
| Issue: | Stock
|
| Amount: | $13.95 million
|
| Shares: | 3 million
|
| Price: | $4.65
|
| Warrants: | No
|
| Announcement date: | March 1
|
| Settlement date: | March 2
|
| Stock symbol: | Nasdaq: NCOC
|
| Stock price: | $4.65 at close Feb. 28
|
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