VANCOUVER, Dec. 17 /CNW/ - Western Coal Corp (TSX: WTN, WTN.WT and WTN.DB and AIM: WTN) ("Western" or the "Company") announces today, further to the December 11, 2009 press release, that its normal course issuer bid for 10 million common shares, being approximately 5.4% of Western's public float* has been accepted by the Toronto Stock Exchange ("TSX"). Western's normal course issuer bid will commence on December 21, 2009 and terminate on December 20, 2010, unless terminated earlier by the Company.
Western will purchase the common shares at market price at the time of acquisition under the normal course issuer bid, which will be conducted through the facilities of the TSX and AIM. The maximum number of common shares that may be purchased on a daily basis, subject to any approved exemptions is 1,198,087. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Western. Any common shares purchased under the normal course issuer bid will be cancelled. Western has not made any purchases of common shares under a normal course issuer bid in the previous twelve month period.
* Public float as at December 16, 2009 (as defined under applicable
TSX rules) = 185,858,484 common shares, which is 323,146,816
common shares outstanding less 72,122,826 common shares owned by
Cambrian Mining Ltd (a wholly owned subsidiary of Western) less
61,856,862 common shares owned by Audley Capital LLP less 3,308,644
common shares owned by Company Insiders.
Western is a producer of high quality metallurgical and thermal coal from mines located in northeast British Columbia (Canada) and West Virginia (USA). The mines have the capacity to produce 7 million tonnes per year and have over 20 years of coal reserves. Western also owns a 50.6% interest in Energybuild Group Plc (EBG: AIM) which produces high quality anthracite and thermal coal in South Wales (UK). The Company is headquartered in Vancouver, BC, Canada, and trades on the AIM and TSX stock exchanges under the symbol "WTN". More information can be found at www.westerncoal.com
SOURCE WESTERN COAL CORP.
For further information: For further information: David Jan, Director, Investor Relations, (604) 608-2692, David.Jan@westerncoal.com