Eastcoal said the application, issued yesterday, will pertain to its existing share capital and additional common shares issued pursuant to a concurrent private placement.

The application also refers to a private placement of up to 77,805,078 common shares of the company for aggregate gross proceeds of up to 9.5 million pounds ($US15.3 million).

Cenkos Securities of London has been appointed as the nominated advisor for the purposes of the admission and the broker for the placing.

The placing shares to be issued will be offered outside of the province of British Columbia, Canada by way of private placement to placees located exclusively in the UK who are ‘qualified investors’ according to the United Kingdom Financial Services and Markets Act.

The closing of the placing and admission will be subject to certain conditions, including the approval of the TSX Venture Exchange and the final approval of the disinterested directors of the company.

The placing and admission are expected to close on or about December 28, 2012.