Vancouver's Western Canadian Coal Corp. (TSX:WTN) has raised $52.1 million in a bought deal financing with a syndicate of investment dealers.
Cormark Securities Inc., GMP Securites LP, Canaccord Capital Corp. and Salman Partners Inc. have agreed to purchase 19.3 million Western Canadian Coal common shares at $2.70 per share. The underwriters have an option to purchase an additional 2.8 million shares, which would add an additional $7.6 million.
Western Canadian Coal will use the proceeds from the offering to expand its production capacity by developing its existing assets.
The deal is expected to close August 19, 2009, subject to customary closing conditions and necessarily regulatory approvals.
Western Canadian Coal's share price range during the past week: between $2.11 and $2.94; 52-week high: $7.60; 52-week low: $0.36.