Atlantic Coal raises further £100,000 through second placing due to strong market demand

In response to market demand, Atlantic Coal (AIM: ATC) has raised a further £100,000 through the placing of another20 million new shares at 0.7p each. This latest tranche of placing shares represents 1.3% of the company's enlarged share capital. Earlier this week, Atlantic completed the placing of 80 million new ordinary shares at a price of 0.5p per share, raising £400,000.

"We are delighted that, as a result of market demand, we have been able to complete this further placing”, Atlantic MD Steve Best said. “this placing provides the company with additional working capital and will allow us to continue our work with Maple Carpenter Creek".

Atlantic has made considerable progress in recent months with the termination of a restrictive legacy supply agreement at its Stockton mine and December’s acquisition of Montana-based clean coal developer Maple Carpenter Creek (MCC). The whole Carpenter Creek coal area covers approximately 70,000 acres and contains an estimated 1.2 billion tons of high quality thermal coal. Previous business models developed by MCC targeted production for 2012. Providing modelling with a potential mine life of over 30 years, with production at 6 million tons per annum of washed coal. MCC has access to existing transportation infrastructure including a direct line to key coal markets in the US and Asia.

The total £500,000 placing was arranged by Allenby Capital and it is expected to be effective on London’s AIM market on or around 15 February 2010.

http://www.proactiveinvestors.co.uk/companies/news/13223/atlantic-coal-raises-further-100000-through-second-placing-due-to-strong-market-demand-13223.html