Pryor Cashman Represents Coal Mining Company in Major Acquisition and Financing Transactions
Pryor Cashman represented U.S. Coal Acquisition Corp. (U.S. Coal) in its acquisition of three related coal mining companies based in eastern Kentucky. The acquired companies, (Licking River Resources, Inc., S.M.&J. Inc. and Oak Hill Coal Corp.) mine and process high-quality steam coal that is primarily sold to utility companies for use in electricity generation. As a result of this acquisition, U.S. Coal estimates that it controls over 50 million tons of recoverable steam coal resources and has coal mining rights to 43,000 acres of property in the Central Appalachian region.
Pryor Cashman also represented U.S. Coal in its $22.6 million equity financing involving the sale of Series A convertible preferred stock and common stock purchase warrants. A substantial portion of the net proceeds of the financing were used to consummate the acquisition described above. The Pryor Cashman team that advised U.S. Coal on both the acquisition and the financing included partners Eric Hellige and Ed Normandin.
The transactions were reported in the July 13, 2007 issue of the Coal & Energy Price Report. To read the article, please click here.
