Western Coal Participates in the Energybuild Group Plc Equity Issue
Approximately 29.8 million of the shares subscribed by Western were from the conversion of (pnds stlg)4.5 million in loans previously made by Western to Energybuild. As part of the Placing, an additional 28.4 million shares were acquired for cash. In total, this brings Western's participation to 58.2 million shares.
Proceeds from the Placing, along with internally generated cash flows from its operations, will be invested by Energybuild to grow production at its underground mine in Wales to a target of 750,000 tonnes per annum by 2013.
On completion of the Placing, Western will own approximately 124.0 million ordinary common shares, or approximately 54.7% of the share capital of Energybuild.
Western is a substantial shareholder of Energybuild and therefore, Western's subscription to the Placing is a related party transaction under AIM rules. The Board of Directors of Energybuild include
About Western
Western is a producer of high quality metallurgical and thermal coal from mines located in northeast British Columbia (
About Energybuild
Energybuild is a producer of Welsh anthracite and surface mined coal. The Company is presently developing the Aberpergwn underground mine and adjoining underground anthracite coal reserves and resources in South Wales (UK). Energybuild also operates a surface mine and reviewing further possible surface mine sites in the region. Energybuild is listed on the AIM as "EBG". Further information is available at www.energybuild.co.uk.
For further information: For further information: David Jan, Director, Investor Relations, (604) 608-2692, [email protected]
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