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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Eastcoal | ECX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.375 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.375 | 0.375 |
| Top Posts |
|---|
Posted at 08/2/2014 00:14 by jojo_jo Where did all the money go? Looks like this was set up purely and simply to take advantage of lax listing regulations to get money off investors for crooks in the Ukraine etc. Now that's some business model! A sophisticated scam. Wouldn't be surprised if it involved money laundering as well. Outrageous! The only positive is it didn't appear catch many PIs - only so called 'sophisticated investors' got taken by the look of it. I've seen it before and its becoming commoner, unfortunately, as directors/owners use the 'difficulty getting finance in the current climate' excuse to line their pockets. There are genuine cases, of course, but picking them out is getting harder and harder. This is a truly appalling example. Possibly the worst (and fastest) 'removal' of shareholder cash and value I've ever seen - in just over a year. I think when a company does a placing/raising within a month or two of listing the writing is on the wall. IMPO/DYOR/NAI Jo PS. Glad I didn't take a punt here, and hope no other PIs did. |
Posted at 01/1/2013 14:14 by novicetrade68 EastCoal Inc. (TSX-V/LSE-AIM: ECX), a mineral development company engaged in the acquisition and development of mineral resource properties, announces the commencement of trading on AIM ("Admission") at 8.00 a.m. today after a placing ("the Placing"). Pursuant to the Placing, the Company has issued 67,478,501 common shares at a price of £0.1221 per share to institutional investors and certain directors of the Company, together with a concurrent issuance of 10,326,577 common shares of the Company as settlement for a CAD$2,000,000 loan received by the Company from Salida Capital LP ("Salida") (on behalf of a fund managed by Salida) at a deemed conversion price of £0.1221 per common share, and the Placing proceeds, together with the proceeds of the Salida loan which will be converted into common shares and settled concurrently with the Placing will amount to gross proceeds of £9.5 million. Cenkos Securities plc is acting as the Nominated Advisor for the purposes of the Admission and the broker for the Placing.EastCoal obtained the rights to the Verticalnaya Mine, located in the Donbass Region, in 2009 and is currently advancing the development of this anthracite mine, targeting production in the first quarter of 2013. In addition, following the Company's acquisition of Inter-Invest Coal LLC in 2012, EastCoal is developing and increasing production from the Menzhinsky Coal Mine. This is an operating underground metallurgical coal mine also located on the Eastern side of Ukraine. Together with the New Wash Plant at the Menzhinsky Mine, production is expected to increase from approximately 6,000 tonnes per month currently, to 26,000 tonnes per month during 2013. The Company's objective is to increase total production from the current level to approximately three million saleable coal tonnes per annum. John Byrne, Chairman of EastCoal Inc. said: "Coal production from the Donbass basin in eastern Ukraine historically produced approximately 70% of the Russian Empire's coal rising to 200mtpa in the 1970s. Since this period the region has seen a decline in investment to the extent that Ukraine has had to import up to 11mt of coal per annum. In 2009 EastCoal recognized the opportunity created by privatisation and restructuring initiatives from the Ukrainian Government resulting in the Company becoming the first external player in a region of significant coal reserves. The Company has acquired and is developing two near term producing projects to meet the growing domestic and export demands for both the power and steel industries." Abraham Jonker, Director & President of EastCoal Inc., commented: "I am pleased to announce commencement of trading of the Company's shares on AIM. This decision was largely driven by increased investor interest from the United Kingdom. I am confident that the experienced management team that we have assembled, combined with the highly attractive project fundamentals would render our projects an extremely exciting opportunity for investors." |
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