Attached files
| file | filename |
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| 8-K - Puda Coal, Inc. | v204910_8k.htm |
Exhibit 99.1
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Investor
Relations Contact:
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Company
Contact:
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Crocker
Coulson, President
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Laby
Wu, Chief Financial Officer, Director of Investor
Relations
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CCG
Investor Relations
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Puda
Coal, Inc.
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+1-646-213-1915
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+86-10-6439-2405 |
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crocker.coulson@ccgir.com
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labywu@gmail.com
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www.pudacoalinc.com
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Elaine
Ketchmere, VP of Financial Writing
+1-310-954-1345
elaine.ketchmere@ccgir.com
www.ccgirasia.com
Puda
Coal, Inc. Announces Public Offering
TAIYUAN,
Shanxi, China, Dec. 8/PRNewswire -- Puda Coal, Inc. (NYSE Amex: PUDA), a
supplier of high grade metallurgical coking coal used to produce coke for steel
manufacturing in China and a coal mine consolidator of twelve coal mines in
Shanxi Province, China, today announced that the Company intends to offer to
sell, subject to market and other conditions, shares of its common stock in an
underwritten public offering. Macquarie Capital and Brean Murray,
Carret & Co. will act as joint lead managers and bookrunners in connection
with the offering. Puda Coal expects to use the net proceeds of the offering,
together with available cash, to fund the previously-announced coal mine
acquisitions and their consolidation and construction.
The
securities described above are being offered by Puda Coal pursuant to a
registration statement on Form S-3, as amended, previously filed and declared
effective by the Securities and Exchange Commission (SEC). The offering may be
made only by means of the preliminary prospectus supplement and the related
prospectus relating to the proposed offering, copies of which may be obtained,
when available, from Macquarie Capital (USA) Inc., Attention: Prospectus
Department, 125 West 55th St, 22nd Floor, New York, NY 10019, by telephone at (212) 231-6564, or by
email at us.prospectus@macquarie.com,
or from Brean Murray, Carret & Co., LLC, Attention: Minnie Huang, 570
Lexington Avenue, New York, NY 10022, by telephone at (212) 702-6667, or via
email at minnie.huang@bmur.com.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction. Any offer will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement.
About
Puda Coal, Inc.
Puda
Coal, through its subsidiaries, supplies premium high grade metallurgical coking
coal used to produce coke for steel manufacturing in China. The Company
currently possesses 3.5 million metric tons of annual coking coal capacity. The
Company is in the process of adding coal mining operations to its business, as
an acquirer and consolidator of coal mines in Shanxi Province. On September 30,
2009, Shanxi Coal, a 90% indirect subsidiary of the Company, was appointed by
the Shanxi provincial government as an acquirer and consolidator of eight
thermal coal mines located Pinglu County in southern Shanxi Province. Shanxi
Coal plans to consolidate the eight coal mines into five, increasing their total
annual capacity from approximately 1.1 million to 3.6 million metric tons.
Shanxi Coal received another approval by the Shanxi provincial government to
consolidate four additional coking coal mines into one coal mine in Huozhou
County. After the completion of the consolidation, the Jianhe project is
expected to increase its total annual capacity from 720,000 metric tons to
900,000 metric tons, according to the Shanxi provincial government's approval.
For more information, please visit http://www.pudacoalinc.com
FORWARD-LOOKING
STATEMENTS
The
information contained herein includes forward-looking statements. These
statements relate to future events or to our future financial performance, and
involve known and unknown risks, uncertainties and other factors that may cause
our actual results, levels of activity, performance, or achievements to be
materially different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements. You
should not place undue reliance on forward-looking statements since they involve
known and unknown risks, uncertainties and other factors which are, in some
cases, beyond our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements. Any
forward-looking statement reflects our current views with respect to future
events and is subject to these and other risks, uncertainties and assumptions
relating to our operations, results of operations, growth strategy and
liquidity. For example, the closing of the public offering under the
underwriting agreement is subject to market condition and uncertainties beyond
our control, and our successful transformation from coal cashing to integrated
coal washing and coal mining business is subject to, among other things, our
management’s ability and capacity to execute our coal mine acquisition strategy
and manage the coal mine operations. We assume no obligation to publicly update
or revise these forward-looking statements for any reason, or to update the
reasons actual results could differ materially from those anticipated in these
forward-looking statements, even if new information becomes available in the
future.