Directors Buy More Atrum Coal Shares
Perth, June 17, 2014 AEST (ABN Newswire) - Atrum Coal NL (
ASX:ATU) (ATRCF:OTCMKTS) ("Atrum" or the "Company") is pleased to announce that three Directors have increased their equity stakes in the Company through the conversion of partly paid shares.
Russell Moran, Executive Director
Mr Moran has increased his interest in the Company from 20,726,900 fully paid ordinary shares (14.61%) to 32,276,900 fully paid ordinary shares (19.99%). The increase has occurred as a result of the conversion of 11,550,000 partly paid ordinary shares in the Company to fully paid ordinary shares. Pursuant to the conversion, Mr Moran paid $2,309,076 to the Company and these funds will be applied to existing cash reserves. Mr Moran retains a further 2,761,600 partly paid ordinary shares.
Gino D'Anna, Executive Director
Mr D'Anna has increased his interest in the Company from 7,785,360 fully paid ordinary shares (5.49%) to 11,885,000 fully paid ordinary shares (7.36%). The increase has occurred as a result of the conversion of 4,099,640 partly paid ordinary shares in the Company to fully paid ordinary shares. Pursuant to the conversion, Mr D'Anna paid $819,600 to the Company and these funds will be applied to existing cash reserves.
James Chisholm, Chairman
Lenark Pty Ltd and Bucket Super Pty Ltd, entities associated with Mr Chisholm for the purposes of the Corporations Act, have increased their combined interest in the Company from 32,436,000 fully paid ordinary shares (22.87%) to 36,448,500 fully paid ordinary shares (22.57%). The increase has occurred as a result of the conversion of the remaining 4,012,500 partly paid ordinary shares in the Company to fully paid ordinary shares pursuant to the Lenark Pty Ltd "Offset Loan Facility". Lenark retired the outstanding $802,179 of the offset loan with this conversion.
To date the Atrum Board has personally contributed more than $9 million in equity and working capital facilities over the past 12 months, demonstrating solid support for the Company and its future.
About Atrum Coal Limited
Atrum Coal Limited (ASX:ATU) is a metallurgical coal developer. The Company flagship asset is the 100%-owned Elan Hard Coking Coal Project in southern Alberta, Canada. Elan hosts large-scale, shallow, thick, hard coking coal (HCC) deposits with a current JORC Resource Estimate of 298 Mt (70 Mt Indicated and 228 Mt Inferred). Comprehensive quality testing of Elan South coal on samples from the 2018 exploration program, combined with review of substantial historical testwork data for the broader Elan Project, has confirmed Tier 1 HCC quality.
The initial focus for development is the Elan South area, which is located approximately 13 km from an existing rail line with significant excess capacity, providing direct rail access to export terminals in Vancouver and Prince Rupert. Elan South shares its southern boundary with Riversdale Resources Grassy Mountain Project, which is in the final permitting stage for a 4.5 Mtpa open-cut HCC operation. Around 30km to the west, Teck Resources operates five mines (the Elk Valley complex) producing approximately 25 Mtpa of premium HCC for the seaborne market.
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