[Market] Colonial Coal Reports on Recent Warrant Exercises

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VANCOUVER, British Columbia, Feb. 05, 2020 (GLOBE NEWSWIRE) — Colonial Coal International Corp. (TSXV:CAD) (the “Company” or “Colonial“) is pleased to announce that since the beginning of the year until February 3, 2020, the Company has received aggregate proceeds of $5,181,688 from the exercise of certain outstanding common share purchase warrants (the “Warrants“) to acquire an equivalent number of common shares of the Company.  The Warrants had exercise prices of either $0.15 or $0.30 per common share and the proceeds from the exercise of the Warrants will now be utilized by the Company for general corporate development and working capital purposes.

Overall, from April of 2018 until February 3, 2020, the Company has received aggregate proceeds of $6,994,240 from the exercise of Warrants.  The Company currently has 174,211,551 common shares outstanding and no Warrants remain available for exercise.

Mr. David Austin, Colonial's President and CEO stated, “We sincerely thank our shareholders for exercising such a large number of the Warrants and, as a consequence, evidencing their ongoing support for and confidence in Colonial and in its Board of Directors and management”.

Neither …

Full story available on Benzinga.com

Source Benzinga

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