By Sheri Kasprzak
New York, Sept. 9 - Centennial Coal Co. Ltd. said it has closed a private placement of stock for A$99 million.
The company sold 20 million shares at A$4.95 each to a group of institutional investors.
Macquarie Equity Capital Markets was the placement agent.
Centennial also instituted a new share purchase plan for up to A$30 million. The company's qualified shareholders in Australia and New Zealand may purchase up to A$5,000 in shares each.
The proceeds from both the private placement and the stock purchase plan will be used for internal and external expansion, cost reduction initiatives and working capital.
Based in Sydney, Australia, Centennial is a coal exploration company.
| Issuer: | Centennial Coal Co. Ltd.
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| Issue: | Stock
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| Amount: | A$99 million
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| Shares: | 20 million
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| Price: | A$4.95
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| Warrants: | No
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| Placement agent: | Macquarie Equity Capital Markets
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| Settlement date: | Sept. 9
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| Stock price: | A$5.05 at close Sept. 9
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