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Bens Creek to list on AIM on October 19 after raising GBP7 million

Fri, 15th Oct 2021 17:32

(Alliance News) - Bens Creek Group PLC on Friday said it has raised GBP7.0 million through a placing as part of its float on the AIM market of the London Stock Exchange, which will take place on Tuesday next week.

Bens Creek operates a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia, and the company is expected to have a market capitalisation of GBP35.0 million.

Proceeds from the placing, at a price of 10 pence per share, will go towards financing Bens Creek's mining operations, including the refurbishment of the coal's preparation plant and railroad, infrastructure repair and the acquisition of mining equipment.

The mine has estimated coal resources of 17.2 million in-place tonnes and proven and probable recoverable coal reserves of 2.3 million tonnes.

Allenby Capital Ltd and Optiva Securities Ltd acted as joint broker, and Clear Capital Markets Ltd as placing agent.

"Upon admission we expect the business to have low levels of debt combined with robust operating margins, and we expect to generate significant operating cash flows from our operations by utilising contract miners who will supply labour, equipment, and materials. There are already several active mining contractors in the state of West Virginia, and we intend to commence operations in Q4 2021, which will help to create employment and stimulate the local economy," said Chief Executive Officer Adam Wilson.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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12 May 2023 11:46

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IN BRIEF: Bens Creek replacement miner equipment arrives at site

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5 May 2023 11:47

Bens Creek starts work with replacement highwall miner

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Bens Creek delivers 44,000 of coal to "largest" Indian steel producer

(Alliance News) - Bens Creek Group PLC on Friday said it has completed the delivery of 44,000 tonnes of coal to an Indian steel producer.

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14 Apr 2023 10:38

IN BRIEF: Largest shareholder in Bens Creek to sell portion of stake

Bens Creek Group PLC - London-based metallurgical coal mine owner - Says it is aware its largest shareholder, MBU Capital Ltd, is in discussions to sell a portion of its shareholding at a price of 18 pence per share to an undisclosed international commodity trading business. MBU Capital holds 54% of the company. Bens Creek says the discussions are expected to result in the buyer purchasing a 30% stake of the current issued share capital of the company, and adds it is not party to the transaction. Says it is not aware of any commercial or operational reasons for movement of its share price on Thursday.

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IN BRIEF: Bens Creek says equipment arrives at coal miner after delay

Bens Creek Group PLC - owner of a metallurgical coal mine in US state of West Virginia - Says all components for a second highwall miner, unit 77 from its highwall mining contractor Mega Highwall Mining LLC, have now arrived on site following a short delay. The highwall miner has been assembled and is now only awaiting completion of its electrical fit out and testing before deployment at the mine.

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3 Mar 2023 12:56

Bens Creek says MBU converts outstanding loan facility into new stock

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27 Feb 2023 12:19

Bens Creek agrees repayment of USD6 million convertible loan notes

(Alliance News) - Bens Creek Group PLC on Monday said it agreed repayment terms with its lender ACAM LP regarding USD6 million in outstanding unsecured convertible loan notes.

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13 Jan 2023 16:52

Bens Creek confirms second highwall miner, agrees option for third

(Sharecast News) - American coal miner Bens Creek Group announced on Friday that it has signed an amendment to the agreement with its highwall mining contractor Mega Highwall Mining, to confirm the provision and delivery of a second highwall miner - unit 77 - by the end of January.

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13 Jan 2023 10:21

Bens Creek shares up on delivery of second highwall miner

(Alliance News) - Bens Creek Group PLC shares were up on Friday, after it confirmed the provision and delivery of a second highwall miner, unit 77.

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23 Dec 2022 14:32

IN BRIEF: Bens Creek subsidiary to buy Ben's Creek Rail for USD650,000

Bens Creek Group PLC - London-based mining company focused in North America - Says its subsidiary Ben's Creek Carbon LLC signs a deal to buy up to 100% of the membership interests in Ben's Creek Rail Holding LLC, a company currently owned by Bens Creek's largest shareholder, MBU Capital Group Ltd. The consideration payable by Bens Creek is up to USD650,000 in cash.

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