www.atlanticcoal.com
Atlantic Coal plc, headquartered in the UK, is a coal production and processing company, focussed predominantly on open cast mining and the processing of high-grade, low emission coal. Its primary asset is the Stockton Colliery, a union free opencast anthracite mining and processing operation in the Pennsylvania Coal Field, US.
Atlantic Coal to be traded in New York
Pennsylvania-focused coal miner Atlantic Coal (LON:ATC) announced this morning that its shares are to be admitted to trading on the OTCQX ‘Pink Sheets’ platform in New York.
While the entire ordinary share capital of Atlantic will continue to trade on the Alternative Investment Market in London, a recently-established American Depositary Receipt (ADR) facility – for which BNY Mellon is acting as ‘depositary bank’ – will enable US investors to trade the firm’s shares.
Atlantic’s management team believes that the quotation on the OTCQX will benefit existing shareholders by making its shares more accessible to US investors, as well as providing the firm with increased visibility in the country where its primary asset is located.
Recently, Atlantic reported that revenues from its Stockton Colliery in Pennsylvania increased during the six months to the end of June by 55 per cent to US$7.5 million.
“We are delighted to have an ADR programme and to be quoted on OTCQX market today which is a key milestone for Atlantic in building market awareness in the company and expanding its shareholder base,” said Atlantic’s managing director, Steve Best.
“We already have a strong presence in the prime anthracite coal field through the Stockton Colliery, which has a current reserve of 3.1 million tons of run of mine anthracitic coal and we are committed to increasing this, in what is a prime anthracite coal field. In line with this we have been evaluating various assets and the board believes that quotation on OTCQX will assist and strengthen our position in this regard."
