Atrum Coal NL - Directors Buy More Atrum Coal Shares
17.06.2014 | ABN Newswire
Perth, Australia (ABN Newswire) - Atrum Coal NL (ASX:ATU) (OTCMKTS:ATRCF) ("Atrum" or the "Company") is pleased to announce that three Directors have increased their equity stakes in the Company through the conversion of partly paid shares.Russell Moran, Executive Director
Mr Moran has increased his interest in the Company from 20,726,900 fully paid ordinary shares (14.61%) to 32,276,900 fully paid ordinary shares (19.99%). The increase has occurred as a result of the conversion of 11,550,000 partly paid ordinary shares in the Company to fully paid ordinary shares. Pursuant to the conversion, Mr Moran paid $2,309,076 to the Company and these funds will be applied to existing cash reserves. Mr Moran retains a further 2,761,600 partly paid ordinary shares.
Gino D'Anna, Executive Director
Mr D'Anna has increased his interest in the Company from 7,785,360 fully paid ordinary shares (5.49%) to 11,885,000 fully paid ordinary shares (7.36%). The increase has occurred as a result of the conversion of 4,099,640 partly paid ordinary shares in the Company to fully paid ordinary shares. Pursuant to the conversion, Mr D'Anna paid $819,600 to the Company and these funds will be applied to existing cash reserves.
James Chisholm, Chairman
Lenark Pty Ltd and Bucket Super Pty Ltd, entities associated with Mr Chisholm for the purposes of the Corporations Act, have increased their combined interest in the Company from 32,436,000 fully paid ordinary shares (22.87%) to 36,448,500 fully paid ordinary shares (22.57%). The increase has occurred as a result of the conversion of the remaining 4,012,500 partly paid ordinary shares in the Company to fully paid ordinary shares pursuant to the Lenark Pty Ltd "Offset Loan Facility". Lenark retired the outstanding $802,179 of the offset loan with this conversion.
To date the Atrum Board has personally contributed more than $9 million in equity and working capital facilities over the past 12 months, demonstrating solid support for the Company and its future.
About Atrum Coal NL:
Atrum Coal NL (ASX:ATU) is an emerging metallurgical coal explorer and developer.
The Company has a substantial coal position in British Columbia which, as a region boasts:
- Abundance of high quality PCI, coking and anthracite coals
- Well developed rail and port infrastructure with excess capacity
- Access to deep sea ports
- Competitive shipping distance to Asia
- Positive government stance on mining
The Company is building a quality portfolio of metallurgical coal assets suited to the Asian export market and the Board of Directors have a strong track record in identifying and developing world class coal assets in Australia and abroad.
Contact:
Atrum Coal NL
T: +61-8-9388-3131
WWW: www.atrumcoal.com
Nathan Ryan
Investor Relations
M: +61-420-582-887
E: nathan@atrumcoal.com