Vancouver junior coal miner EastCoal Inc. (TSX-V:ECX) has finalized the acquisition of a coal mine in Ukraine, after raising $17 million through a private placement.
In April, EastCoal announced it had struck an agreement to buy the Menzhinsky coal mine in Lugansk Oblast, Ukraine.
Last week, the company announced a syndicate representing several investors had bought 48,600,000 units of EastCoal at $0.35 per share.
The $17 million investment was made by a syndicate led by Clarus Securities Inc. and Cenkos Securities Plc. Other investors included Fraser Mackenzie Ltd., Jennings Capital Inc. and Salman Partners Inc.
On Thursday, EastCoal announced it had finalized the acquisition of the Menzhinsky mine.
EastCoal also owns the Verticalnaya coal property in Lugansk in eastern Ukraine.
The company’s shares closed at $0.36 per share Thursday, up 12.5%.
