Prairie Mining shareholders have approved the investment of up to AU$83 million in the company by private equity fund, CD Capital, meaning that all necessary conditions to settle the investment conditions have now been met and triggering the payment of the first investment tranche of AUS$15 million.
“This investment is an exciting opportunity to expand and develop the Lublin Coal Project into a world-class resouce,” said Carmel Daniele, Founder and CIO of CD Capital. “It is a high-quality project where we can achieve our investment mandate through a strategic partnership of our deep industry expertise with the experienced and committed Prairie management team.”
The investment will allow Prairie to complete the definitive feasibility study for the Lublin Coal Project in Poland and will fund the required work programmes to enable the company to make a development decision.
“We are delighted to have now closed the CD Capital transaction and we welcome CD as a strategic, long-term investor and shareholder in the company,” said Ben Stoikovich in a statement. “Their significant investment in the Lublin Coal Project is testament to the project’s outstanding fundamentals and potential and provides the company with a solid base to progress rapidly towards development.”
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/exploration-and-development/22092015/prairie-shareholders-approve-cd-capital-investment-2887/