UK-based emerging international miner London Mining has announced that its acquisition of the remaining 80 percent of Columbia-based International Coal Company (ICC) has now closed.
As SteelOrbis previously reported, an initial consideration of $5.5 million cash and 3.5 million newly issued London Mining shares were announced for the transaction, with a potential further consideration of up to $8.5 million and up to 6.3 million shares payable subject to the satisfaction of performance conditions.
Accordingly, the company has issued 3.5 million London Mining shares that form part of the initial consideration to the sellers and an application has been made for the admission of such shares to trading on AIM, London Stock Exchange's international market for smaller growing companies, with admission expected to occur on May 11, 2010.
The sellers in the transaction are Pacific Overseas Investments Ltd., SIHL Investments International Corporation, Talman Alliance and Executive Players Inc.
London Mining expects to invest a total of about $40 million over the next 18 months in ICC. The strategy of ICC is to develop and consolidate its interests in the region with the aim of producing over 2 million mt of coking coal per year in the medium term.