Western Canadian Coal Corp. (TSX:WTN) is selling between $30 and $40 million in convertible debentures to reduce debt and finance operations at its Wolverine coal mine, near Tumbler Ridge, in northeastern B.C.
The funding comes from Audley European Opportunities Fund, which will own 25.5% of Western if the debentures and a related warrant issue are fully converted. The Vancouver mining company intends to conclude shortly an agreement to acquire Falls Mountain Coal Corp., whose major shareholder is Cambrian Mining PLC, which owns 42% of Western Canadian Coal and in turn is 29% owned by London-based Audley Capital, the investment manager of Audley European Opportunities Fund. Western's share price range during the past week: between $0.54 and $0.70. 52-week high: $3.23; 52-week low: $0.47.