Coalspur Mines Limited - Strategic Investor Exercises Options Following Positive BFS
03.02.2012 | ABN Newswire
12:12 AEST Feb 3, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Alberta, Canada (ABN Newswire) - Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is pleased to announce that the Company's largest shareholder, the Highland Park Group ('Highland Park'), has elected to exercise its option to purchase an additional 15 million ordinary shares in the Company at an exercise price of A$0.80 per share for gross proceeds of A$12.0 million through its affiliate Borrowdale Park S.A. The election follows the recent completion of a positive feasibility study on the Company's flagship Vista Coal Project ('Vista'). Following the exercise of the option, Highland Park will own a total of 138,483,333 ordinary shares in the Company, which represents approximately 22.3% of the ordinary shares currently outstanding.
Managing Director and CEO, Gene Wusaty said 'This is a very positive event for the Company as it demonstrates the continued support from Highland Park for the Company and in particular management's goal of progressing Vista into production on the planned timeline. It allows us to build on the momentum from the recent port, rail and feasibility study announcements and move forward with the next stage of Vista's development, including detailed engineering and completion of the regulatory approval process.'
About Coalspur Mines Limited:
Coalspur Mines Limited is a coal exploration and development company with more than 33,200 hectares of coal exploration leases located within the Hinton region of Alberta, Canada. Coalspur's flagship coal project is the Vista Coal Project, which has the potential to be the largest export thermal coal mine in Canada. Coalspur's goal is to serve growing coal demand in Asian Pacific Rim countries, including China, Japan and Korea.
Contact:
Coalspur Mines Limited
Gene Wusaty
Managing Director and CEO
Telephone: +1-403-975-7901
http://www.coalspur.com