By Sheri Kasprzak
Atlanta, May 3 - National Coal Corp. said it has raised an additional $239,850 in a private placement.
The company sold 15.99 shares of series A convertible preferred stock at $15,000 each to the investors who purchased $16 million in the preferreds on Aug. 31, 2004 as additional investment rights. The preferreds are initially convertible into 2,500 common shares at $6.00 each.
Those investors include Asset Managers International Ltd., Gil Avidar, Big Bend XII Investments LP, Blackpool Partners LLC, Joel Chestler, Crestview Capital master LLC, Dara Fieldman, Steward & Jennifer Flink, Scott P. George, GLL Single Strategy LP, Steven J. Halpern, Jacob Capital LLC, Richard P. Kiphart, Lachman Family LP, and Joseph Levy Jr. Declaration of Trust.
Other investors include the Nancy Hoyt Revocable Trust, Bear Stearns via Nathan A. Low Roth IRA, North Sound Legacy Fund LLC, North Sound Legacy Institutional Fund LLC, North Sound Legacy International Ltd., RHP Master Fund Ltd., Eugene V. Rintels, Byron Rubin, Gerald J. Rubin, Stonestreet LP, Tiberius Investments & Capital, Thomas J. Ginley Life Insurance Trust, Treeline Investment Partners LP, David Valentine, Whalehaven Capital LP, Whalehaven Fund Ltd., Woodland Financial Group LLC and CD Investment Partners Ltd.
The investors also received warrants for 7,995 common shares, exercisable at $8.40 each through Aug. 31, 2006.
Rights to purchase an additional 60.32 preferred shares and warrants for 30,160 expired unexercised on April 28.
Burnham Hill Partners and William Blair & Co. were the placement agents.
National Coal, based in Knoxville, Tenn., is a coal mineral acquisition company.
| Issuer: | National Coal Corp.
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| Issue: | Series A convertible preferred stock
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| Amount: | $239,850
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| Shares: | 15.99
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| Price: | $15,000
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| Conversion price: | $6.00
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| Conversion ratio: | Into 2,500 shares
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| Warrants: | For 7,995
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| Warrant expiration: | Aug. 31, 2006
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| Warrant strike price: | $8.40
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| Placement agent: | Burnham Hill Partners and William Blair & Co.
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| Settlement date: | Aug. 31, 2004
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| Rights exercised: | April 28
|
| Stock price: | $6.55 at close April 28
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