Atlantic Coal PLC Options Update (2292B)
02 April 2013 - 5:01PM
UK Regulatory
TIDMATC
RNS Number : 2292B
Atlantic Coal PLC
02 April 2013
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
2 April 2013
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Option update
Atlantic Coal, the AIM-listed anthracite coal mining company
operating in Pennsylvania, USA, announces an update in relation to
the option agreement to acquire additional anthracite mining assets
in Pennsylvania, further details of which were originally announced
on 15 February 2012.
This option, which is exercisable entirely at the Company's
discretion, has an exercise price of US$35 million and, following a
previous extension as announced on 29 October 2012, the exercise
period ends on 31 March 2013 (the "Option exercise Period"). As a
result of the size of the exercise price, the acquisition of the
assets in question would be likely to constitute a reverse takeover
under the AIM Rules for Companies and would therefore be, inter
alia, subject to shareholder approval. Due diligence and funding
discussions are on-going but will not be completed prior to the
expiry of the Option Exercise Period.
The Company has had discussions with the vendor in connection
with the extension of the Option Exercise Period and anticipates
that this will be agreed shortly. However, there can be no
certainty that the vendor will in fact agree an option extension or
that such an extension will be on acceptable terms to the Company.
Further announcements will be made in this regard at the
appropriate time.
**ENDS**
For further information on the Company, visit:
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328
5670
Nick Naylor Allenby Capital Tel: 020 3328
Limited 5656
Mark Connelly Allenby Capital Tel: 020 3328
Limited 5656
Elisabeth St Brides Media Tel: 020 7236
Cowell & Finance Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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