Credit: Shutterstock photoEastCoal Inc. (ECX.V) said its shares will commence trading on the Alternative Investment Market, the London Stock Exchange's international market for smaller growing companies.
The company will also place 67,478,501 common shares at a price of GBP 0.1221 per share, together with a concurrent issuance of 10,326,577 common shares as settlement for a C$2 million loan received by the company from Salida at a deemed conversion price of GBP 0.1221 per common share.
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 GBP 9.5 million.
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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.
