Significant Investor Exercises 12.7 Million Options
Alberta, Jan 9, 2013 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (TSE:CPT) is pleased to announce that its largest shareholder, the Highland Park Group ("Highland Park") has elected to exercise its option to purchase an additional 12,724,669 ordinary shares in the Company at an exercise price of A$0.70 per share through its affiliate Borrowdale Park S.A.
The exercise of the options followed the announcement of the commitment from EIG Global Energy Partners to provide Coalspur with a US$300 million senior debt facility on December 20, 2012.
The exercise of the options means Highland Park now owns a total of 153,840,202 ordinary shares in the Company, which represents approximately 24.3% of the ordinary shares currently outstanding.
President and CEO, Gill Winckler said "We are extremely pleased to have Highland Park increase their holdings in Coalspur as it demonstrates their continued support of the Company and management as we move towards construction of the Vista coal project."
The Company also advises that a further 602,666 shares will be issued for options which were transferred to other parties by Borrowdale Park and have been exercised by the transferees.
The Company will issue the shares in respect of these options, which also had an exercise price of A$0.70 per share, when the registration process is completed.
Total net proceeds from the exercise of the options are approximately A$9.4 million.
About Coalspur Mines Limited
Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is a coal development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship project is Vista, which covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal development. Vista is located adjacent to CN Rail's main line, which is suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has secured a port allocation agreement with Ridley Terminals Inc., which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific countries.
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