RNS Number : 5866V
Western Canadian Coal Corp
13 July 2009
Western Canadian Coal Closes
Acquisition of Cambrian Mining
Vancouver, B.C. July 13, 2009 - Western Canadian Coal Corp (TSX: WTN, WTN.WT and WTN.DB and AIM: WTN) ('Company' or 'Western') further to the announcement made by Cambrian Mining Plc ('Cambrian') and Western on 20 May 2009, the companies are pleased to announce that, as anticipated, all of the conditions to the scheme of arrangement ('Scheme') between Cambrian and its shareholders have been satisfied and the Scheme has become effective today.
In accordance with the Scheme, a total of 88,619,782 new shares of Western ('New Western Shares') were issued today to Cambrian Shareholders on the register at 6.00pm (UK) on 9 July 2009 ('Scheme Shareholders') on the basis of 0.75 New Western Shares for every Scheme Share held at that time. The New Western Shares will rank pari passu with the existing issued common shares of Western and trading of these shares on AIM is expected to commence at 8:00am (UK) on 14 July 2009.
The total number of Western common shares in issue with voting rights following this issue is 299,952,971. Upon cancellation of the Western shares owned by Cambrian, the total number of Western common shares in issue with voting rights will be 227,829,925.
The CREST accounts of Scheme Shareholders holding Scheme Shares in uncertificated form are expected to be credited on 14 July 2009. Share certificates for the New Western Shares will be dispatched to Scheme Shareholders holding Scheme Shares in certificated form on or before 27 July 2009.
Cambrian Shares are currently suspended and Cambrian has applied for their admission to AIM to be cancelled on 14 July at 7:00am (UK). Euroclear UK & Ireland Limited, as operator of the CREST system, will be instructed to cancel Scheme Shareholders' entitlements to Scheme Shares held in uncertificated form. All certificates representing Scheme Shares have ceased to be valid.
For those Cambrian options and warrants which have not been exercised, under the terms of Cambrian's articles of association as amended by the General Meeting held on 23 June 2009, such Cambrian option and warrant holders who exercise their options or warrants shall be entitled to receive New Western Shares upon exercise of such options or warrants on the basis of 0.75 New Western Shares for every 1 Cambrian Share which the option holder or warrant holder is entitled to under the terms of the option or warrant.
Any term used but not defined in this announcement is as defined in the scheme document sent to shareholders of Cambrian on 26 May 2009.
About Western Canadian Coal
Western is a producer of high quality metallurgical and thermal coal from mines located in northeast British Columbia (Canada) and West Virginia (USA). The mines have the capacity to produce nearly 7 million tonnes per year and have nearly 20 years of coal reserves. Western also owns a 50.6% interest in Energybuild (AGB : AIM) which produces high quality anthracite and thermal coals in South Wales (UK). Other interests include a 45% interest in Xtract Energy (XTR : AIM), 20% interest in NEMI (NNE.A : TSX) and 100% of a small gold an antimony operation in Australia. The Company is headquartered in Vancouver, BC, Canada, and trades on the AIM and TSX stock exchanges under the symbol 'WTN'. For more information, please visit www.westerncanadiancoal.com
For further information contact:
Western Canadian Coal Corp:
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Western Canadian Coal Corp:
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David Jan
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+1 604 608 2692
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Cenkos Securities plc
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Ivonne Cantu / Adrian Hargrave
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+44 20 7397 8900
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Cambrian Mining Plc:
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Cambrian Mining Plc
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Mark Burridge / Braam Jonker
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+44 (0)20 7409 0890
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Singer Capital Markets
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Jeff Keating
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+44 (0)20 3205 7500
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Seymour Pierce
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Mark Percy
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+44 (0)20 7107 8000
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Scott Harris
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Stephen Scott / Ian Middleton
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+44 (0)20 7653 0030
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This information is provided by RNS
The company news service from the London Stock Exchange
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