TAIYUAN, SHANXI PROVINCE, China, Feb. 19 /PRNewswire-Asia-Firstcall/ -- Puda Coal, Inc. (NYSE Amex: PUDA), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China, today announced the closing of its 2,855,652 share public offering and the exercise of the full allotment option by the underwriters to purchase an additional 428,348 shares of the Company's common stock, bringing the total shares offered to 3,284,000. The offering was priced at $4.75 on February 12, 2010. Including the over-allotment, the Company expects to receive net proceeds, after underwriting discounts, commissions, and expenses, of approximately $14,538, 100 million from the offering.
Brean Murray, Carret & Co., LLC served as lead manager and sole book-running manager and Newbridge Securities acted as co-manager for the offering. Copies of the final prospectus relating to the offering may be obtained, when available, 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 or from the offices of Newbridge Securities Corporation at 7600 Jericho Turnpike, Suite 202 Woodbury, NY 11797.
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 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 has recently moved upstream into coal mining. In May 2009, the Company entered into an equity transfer agreement to acquire 18% of Jianhe Coal. In September 2009, the Shanxi government approved the Company's plan to consolidate eight coal mines in Pinglu County, Shanxi Province. Shanxi Province provides 20 - 25% of China's coal output and supplies nearly 50% of China's coke. For more information, please visit 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.. 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.
CONTACT: Investor Relations Contact, Crocker Coulson, President, CCG Investor Relations, +1-646-213-1915, crocker.coulson@ccgir.com; Elaine Ketchmere, VP of Financial Writing, +1-310-954-1345, elaine.ketchmere@ccgir.com; Laby Wu, Chief Financial Officer, Director of Investor Relations, Puda Coal, Inc., +86-10-6439-2405, labywu@gmail.com
