Vancouver's Western Canadian Coal Corp. (TSX:WTN) has announced the launch of a strategic review aimed at maximizing shareholder value.
As part of that review, a steering committee of independent directors will be formed to explore merger or acquisition opportunities or sell all or part of the company.
The move follows Western's completion of a $40 million private placement to stabilize the company's financial position. Western had reported a $43.9 million net loss in its second quarter ending September 30, 2007, compared with a net loss of $4.7 million in the same period a year ago. The company's revenue rose to $67.8 million from $10.7 million in the second quarter in 2006.
Any sale or acquisition of the company would aim to fund the development of the company's Fall Mountain and Brule developments.
Western Canadian Coal's share price range during the past week: between $1.06 and $1.22; 52-week high: $3.23; 52-week low: $0.47.