Closing of Acquisition of Cambrian Mining
13 Julio 2009 - 10:30AM
UK Regulatory
TIDMWTN TIDMCBM
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:
+------------+----------+------------------+
| Western | David | +1 604 608 2692 |
| Canadian | Jan | |
| Coal | | |
| Corp: | | |
+------------+----------+------------------+
| Cenkos | Ivonne | +44 20 7397 8900 |
| Securities | Cantu | |
| plc | / | |
| | Adrian | |
| | Hargrave | |
+------------+----------+------------------+
Cambrian Mining Plc:
+----------+-----------+-----------+
| Cambrian | Mark | +44 |
| Mining | Burridge | (0)20 |
| Plc | / Braam | 7409 0890 |
| | Jonker | |
+----------+-----------+-----------+
| Singer | Jeff | +44 |
| Capital | Keating | (0)20 |
| Markets | | 3205 7500 |
+----------+-----------+-----------+
| Seymour | Mark | +44 |
| Pierce | Percy | (0)20 |
| | | 7107 8000 |
+----------+-----------+-----------+
| Scott | Stephen | +44 |
| Harris | Scott / | (0)20 |
| | Ian | 7653 0030 |
| | Middleton | |
+----------+-----------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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