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China Coal Corporation Down Nearly 30% On the Back Of China Data Showing Slowing Coal Demand; Completes Private Placement Financing

China Coal Corporation (CKO.V) is down nearly 30% this morning, after it was reported that China's power consumption rose 9.91 percent to 383.6 kWh in November from a year earlier, the slowest growth in three months, the National Energy Administration ( NEA ) said Wednesday.

China's benchmark power coal price averaged 830 yuan/tonne in December 7-13, down 10 yuan/tonne or 1.2 percent from previous week, according to the Bohai-Rim Steam-Coal Price Index published on Wednesday. China's benchmark power coal price has sustained week-on-week declines for five weeks running as of November 8. The cumulative decline amounted to 23 yuan/tonne or 2.7 percent in the past five weeks. The Bohai-Rim Steam-Coal Price Index covers spot prices at six major coal shipping ports in northern China.

Meanwhile, China Coal Corp announced yesterday that it has, subject to TSXV final approval, closed a non-brokered private placement of 4,195,996 units at five cents per unit, each unit to consist of one China Coal common share and one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one additional China Coal common share at a price of 30 cents for a period of two years from closing. The gross proceeds of the financing are C$209,799.80

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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