DGAP-News: ICHOR Coal N.V. raises its capital by EUR 20 million
(firmenpresse) - DGAP-News: ICHOR Coal N.V. / Key word(s): Capital Increase
ICHOR Coal N.V. raises its capital by EUR 20 million
22.08.2013 / 13:42
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IchorCoal raises its capital by EUR 20 million
- 5 Mio shares were placed with institutional investors for EUR 4 each
- The proceeds will be invested in participations Mbuyelo Coal and Vunene
Mining
- Capital raise took place without subscription rights
Berlin, 22 August 2013: IchorCoal, an internationally operating mineral
resource company, raises its capital by 10 percent from EUR 5 million to
EUR 5,5 million. Therefore IchorCoal will issue 5 million new shares with a
nominal value of EUR 0,1 for EUR 4 per share. The supervisory board
approved the according proposals of the management board. The new shares,
which qualify for dividends with effect from January 1, 2013, should
shortly be eligible for trading on the Entry Standard of Frankfurter
Wertpapierbörse. The capital increase was subscribed by institutional
investors.
The new shares are issued excluding the pre-emptive rights of existing
shareholders of the company with respect to the granting of rights to
subscribe for shares. The management resorted to the according anticipatory
resolution of the shareholders from the Annual General Meeting in May 2012.
The subscribers of the new shares are institutional investors.
The proceeds will be used for the buildup and revamp of the mining
activities of Vunene Mining, IchorCoals main participation in South Africa,
and to further increase the participation in Mbuyelo Coal from presently
37,64% to over 40% percent. 'With the capital raise we can accelerate the
advance of production of Vunene Mining and increase our coal reserves',
says Heinz Schernikau, CEO of IchorCoal. 'Both investments will pay off
very soon to our investors.'
IchorCoal shares are traded at the Open Markets of Berlin and Hamburg since
December 2011 and since June 2012 on the Entry Standard of Frankfurt. Since
then the management of IchorCoal issued one convertible bond and one
corporate bond and raised EUR 105 million to finance investments and new
participations. Although the management still has the possibility to issue
bonds in the value of up to EUR 15 million it preferred to raise the ground
capital of the company. 'We think that this gives more security and comfort
to our investors and creditors as well', says Sebastian Giese, CFO of
IchorCoal. 'We will place the remaining EUR 15 million from our up to EUR
40 million corporate bonds issued in June 2013 when we see a promising
investment opportunity.'
quirin bank is acting as Sole Lead Manager and Sole Bookrunner to the
transaction.
The Management Board
About IchorCoal N.V.
IchorCoal N.V. is an internationally operating mineral-resource-company
specializing in investments in coal resources as well as in other projects
in the field of coal logistics and coal handling along with coal trading
via its marketing arm HMS Bergbau AG. The company is aiming to secure own
coal-resources, to gain control along the value chain and to sell the
produced coal on the international markets. In consideration of the global
rise in demand for coal, market chances are vast and entrepreneurial action
is essential and bears excellent prospects. The company is led by its CEO
Heinz Schernikau and its CFO Sebastian Giese. Both bring in their long time
experiencein the commodity sector.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates
of expected mining and associated costs, statements relating to estimates
of, and increases in, production, cash flows and values and other
statements which are not historical facts. When used in this document, the
words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may',
'potential', 'should' and similar expressions are forward-looking
statements. Although IchorCoal believes that its expectations reflected in
these forward-looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual results
will be consistent with these forward-looking statements. Important factors
that could cause actual results to differ from these forward-looking
statements include the potential that the Company's projects will
experience technological and mechanical problems, that geological
conditions in the reservoir may not result in commercial levels of oil and
gas production, that changes in product prices can have a material impact
and that IchorCoal fails to raise sufficient capital to adequately fund its
activities.
Contact:
IchorCoal N.V.
An der Wuhlheide 232, 12459 Berlin
Phon: +49 30 65 66 81 60
FAX: +49 30 65 66 81 15
info(at)ichorcoal.com
www.ichorcoal.com
Thomas Luber
NewMark Finanzkommunikation
Zum Laurenburger Hof 76, 60594 Frankfurt
Phon: +49 69 94418069
mobil: +49 171 8311216
Thomas.luber(at)newmark.de
End of Corporate News
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