With the approval of Coal International’s shareholders, Cambrian Mining will convert the loan into ordinary shares of Coal International at a price of 60p per share, which on conversion of a fully drawn down facility will increase Cambrian’s shareholding to more than 50%.
“It is Cambrian Mining’s intention to elect to convert the loan as soon as such approvals are obtained,” the company said.
Coal International is an international coal operating and investment company with operating properties in West Virginia, USA and interests in coal producers in Canada and the UK.
“Cambrian is pleased to provide continuing support to one of its key coal investments through the extension of this facility,” the company said.
