Atlantic Coal PLC Option update (5066E)
13 May 2013 - 4:01PM
UK Regulatory
TIDMATC
RNS Number : 5066E
Atlantic Coal PLC
13 May 2013
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
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 (the "Target Transaction"). As announced on 2
April 2013, the option exercise period ended on 31 March 2013.
The Company has subsequently held a number of discussions with
the vendor in connection with the further extension of the option
exercise period. However, following these discussions, it was
determined by the Atlantic Coal board of directors that an
agreement on principal terms could not be achieved that would be
acceptable to the Company and in the best interests of the
Company's shareholders. Discussions with the vendor have therefore
been terminated.
As part of its negotiations in connection with the proposed
Target Transaction, the Company was able to secure three indicative
offers of debt financing.
Separately, and further to the announcement made on 21 January
2013 regarding the exercise of a lease option over the 410 acre
Pott & Bannon Pennsylvanian anthracite mining property, the
Board confirms that it is accelerating the payment for and
subsequent opening of the Pott & Bannon site. Further details
on the expected opening of the site will be announced in due
course.
13(th) May 2013
**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 Limited Tel: 020 3328 5656
Mark Connelly Allenby Capital Limited Tel: 020 3328 5656
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCATMMTMBIBTPJ
Atlantic Coal (LSE:ATC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Atlantic Coal (LSE:ATC)
Historical Stock Chart
From Jul 2023 to Jul 2024